Tax Planning - Page 5

Benefit of HRA on payment of House Rent

How is the exemption on HRA calculated? When can you claim exemption on HRA? Is your landlord an NRI? When can you enjoy the twin benefits of home loan and HRA? Rent-free accommodation vs HRA...

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Posted Under: Income Tax | ,

Govt Small Savings Schemes- Salient features & Tax Rebate

Salient feature, Interest Payable, Rates, Periodicity, Minimum Amount for opening of account and maximum balance that can be retained, tax rebate available etc in respect of Post Office Savings Account , Post Office Savings Account , Post Office Time Deposit Account, Monthly Income Account (MIS), Senior Citizens Savings Scheme Account, 1...

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Posted Under: Income Tax |

Invest in Non Convertible debenture (NCD) for Higher Fixed Return and to lower tax burden

A non-convertible debenture is a fixed income instrument where the issuer agrees to pay a fixed rate of interest to the investor. The fixed-income instrument cannot be converted into equity of the issuing company and is very different from convertibl...

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Posted Under: Income Tax |

Service Tax Planning – Limits of Management Consultancy Services – II

That the First Party has appointed the Second Party to manage, sale and supervise preparation of items in accordance with the policies of Second Party through their agents, supervisors, employees and representatives....

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Posted Under: Income Tax |

Supreme Court upheld Dividend-Stripping Law

Wallfort Shares & Stock Brokers, a Five Member Special Bench of the Tribunal (96 ITD 1 (Mum) (SB)) and the Bombay High Court (310 ITR 421 (Bom)) held that the ‘loss’ incurred by an assessee in ‘dividend-stripping’ transactions cannot be disallowed on the ground that it was ‘tax-planning‘. The department’s SLP against the sai...

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Posted Under: Income Tax |

Essays on Tax Planning – Res Judicata

Tax Planning :- Tax planning as a concept had at a point of time suffered degradation and for a while seemed to be a euphemism for tax evasion. This was the fall-out of some observations in McDowell’s case, [154 ITR 148 (SC)] especially in the separate opinion of Justice Chinnappa Reddy. But the libel did not stay too long. Sabyasachi M...

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Posted Under: Income Tax |

Need for Life Insurance

Life Insurance provides risk cover which no other investment option offers. Following are the advantages of Life Insurance: It provides full protection against risk of death. Encourages and forces compulsory savings as the saved money cannot be withdrawn and premium has to be paid regularly. Provides loan to tie over a temporary difficult...

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Posted Under: Income Tax |

DTC will not provide deduction for donation to relegious trust and may tax NGOs

Trusts and institutions carrying out charitable activities will face more stringent taxation regime when the new direct taxes code comes into play from April 1, 2011.The new Code will particularly hit non-governmental organisations (NGOs). All NGOs and charitable trusts registered with the Tax Department may be required to fork out 15 per...

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Posted Under: Income Tax |

Tax planning as opposed to tax evasion has legal sanction

The Madras High Court has ruled that tax planning as opposed to tax evasion has legal sanction, and if a dealer plans his transactions in such a manner that he pays less tax, it is not open to the revenue to subject him to a conscience audit or moral assessment. The power to lift the veil has to be exercised with great care and caution. J...

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Posted Under: Income Tax |

Fund managers not willing to annouce dividend this year

Money managers, who have historically used dividends as a ploy to lure investors to tax-saving stock funds, are shying away from payouts this year, as a savage share market decline limits distributable surplus. Only seven tax funds have announced dividends in 2008/09, compared to 20 last year. The March quarter, which typically sees hecti...

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Posted Under: Income Tax |
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