Tax Planning - Page 4

Taxability of Leave Travel Allowance (LTA) – Section 10(5)

Leave Travel Allowance (LTA) is the most common element of compensation adopted by employers to remunerate employees due to the tax benefits attached to it. Section 10(5) of the Income-Tax Act, 1961, read with Rule 2B, provides for the exemption and outlines the conditions subject to which LTA is exempt. Through this write-up, I want t...

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Posted Under: Income Tax |

How New Tax Rules of A.Y 2015 -16 will benefit salaried class in India?

Dr. Rakesh Kumar Sharma The new Indian government announced its tax rules for the current financial year. But very few announcements were made by new government which could provide relief to salaried class people. The first and the most important amendment was in the tax slab. Although there is no change in the existing tax […]...

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Posted Under: Income Tax | ,

Tax Structure of A.Y 2015 -16: A relief for salaried class!

The new Indian government announced its tax rules for the current financial year. But very few announcements were made by new government which could provide relief to salaried class people. The first and the most important amendment was in the tax slab. ...

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Posted Under: Income Tax | ,

Tax benefits of investing in mutual funds

Under the equity/debt mutual funds, you invest a fixed sum of money in a scheme either every month or quarter. When you’re investing in a particular mutual fund, the first thing you need to do to assess its returns is to know how it will be taxed. It is the post tax returns that will […]...

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Posted Under: Income Tax | ,

Tax planning – Its need and ways to do at different stages of life

Direct tax collections is one of the easiest and safest ways of collecting revenues by the Government. In spite of our greatest reluctance all of us are in the tax net and contribute a sizeable portion of the revenue of the exchequer. The law provides for levying of taxes at different stages and forms of income ....

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Posted Under: Income Tax |

Let your Investments Evolve With Your Life

As we progress in life, our goals and milestones are modified. Not only have we changed the way we live but we also change our perception of the future. Our life’s goals include factors such as travelling, medical benefits, financial independence and zero liabilities. ...

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Posted Under: Income Tax |

Creation of HUF – Tax Planning Advantage

Tax Planning is an important agenda of any individual. People often end up paying taxes even after exhausting their limits under Section 80C, 80 D and so on. However, do you know that a very important tool which is often overlooked, is formation of a HUF, which is a legitimate way of reducing your tax liability....

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Posted Under: Income Tax | ,

Some Income tax provisions to know, to avoid service of I-T notice at your door

CA Sunil Hukkeri Central Processing Center of IT department is smart to detect small transactions also CPC for electronic tax returns in Bangalore and CPC (Vaishali in Ghaziabad) for tax deducted at source (TDS) are working as the right hands of Government for detecting cases of incorrect income reported by tax payers knowingly or unknowi...

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S. 10(38) Sale of land through sale of shares by company holding only land is valid

M/s Bhoruka Engineering Inds. Ltd Vs The Deputy Commissioner of Income Tax (Karnatka High Court)

Bhoruka Steel Limited (BSL) was incorporated in the year 1969. The company became a sick industrial company within the meaning of SICA.It was proposed that 30 acres of land along with building and structure to be disposed of....

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Budget 2012- Capital Gain Tax on Sale of Residential Property & Tax Planning

We know that investment in residential property or Flats is one of the common investment avenue for individuals. Here we are trying to summarise the tax implication on sale of residential property and tax planning to save tax on the Capital Gain arising on the sale of such property. ...

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Posted Under: Income Tax | ,
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