Tax Planning

Certain instances of tax planning in case of sale of house property

Income Tax - The last 4-5 years have not been the best period for the real estate industry in India. Many real estate companies have become bankrupt and many still continue to be under great financial stress due to stalled projects. Even a normal home buyer is not in a profitable position due to declining property rates. The […]...

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Income Tax Tips for Government Employees (Assessment Year 2020-21)

Income Tax - Tax Planning Measures for Government Employees for the Assessment Year 2020-2021 (Financial Year 2019-2020). 1. If your Gross Total Income is less than 5 lakhs, no special tax planning is needed from yourself. You may claim Rebate under Section 87A which amounts to a maximum of Rs.12500 in the Assessment Year 2020-2021.Gross Total Income ...

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General Exemptions & Deductions for Salaried employees

Income Tax - General Exemptions & Deductions available for salaried employees for FY 2018-19 i.e. AY 2019-20 includes House Rent Allowance, Interest on Home Loan, Standard Deduction and Chapter VI-A deductions which includes- Section 80C, Section 80CCC – Pension Funds, Section 80CCD – National Pension Scheme (NPS), Section 80CCE, Section 80D ...

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Advance Tax Provisions, Challan, e-payment Utility & Examples

Income Tax - As per section 208, every person whose estimated tax liability for the year is Rs. 10,000 or more, shall pay his tax in advance, in the form of advance tax. In this part you can gain knowledge on various provisions relating to payment of advance tax by a taxpayer....

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Tax Planning for Salaried Employees for FY 2019-20

Income Tax - As the financial year 2019-20 begins, I hope every salaried employee must be worried on tax savings, where, how much to invest etc., It’s a time to plan your tax savings, referring to recent budget 2019, I have made a small write up were salaried employees can rethink, realign there  investment plan. Lot of salaried […]...

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

Income Tax - 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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Fund managers not willing to annouce dividend this year

Income Tax - 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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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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Supreme Court upheld Dividend-Stripping Law

CIT Vs. Walfort Share & Stock Brokers (Supreme Court of India) - 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‘...

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Recent Posts in "Tax Planning"

Certain instances of tax planning in case of sale of house property

The last 4-5 years have not been the best period for the real estate industry in India. Many real estate companies have become bankrupt and many still continue to be under great financial stress due to stalled projects. Even a normal home buyer is not in a profitable position due to declining property rates. The […]...

Read More
Posted Under: Income Tax |

Income Tax Tips for Government Employees (Assessment Year 2020-21)

Tax Planning Measures for Government Employees for the Assessment Year 2020-2021 (Financial Year 2019-2020). 1. If your Gross Total Income is less than 5 lakhs, no special tax planning is needed from yourself. You may claim Rebate under Section 87A which amounts to a maximum of Rs.12500 in the Assessment Year 2020-2021.Gross Total Income ...

Read More
Posted Under: Income Tax |

General Exemptions & Deductions for Salaried employees

General Exemptions & Deductions available for salaried employees for FY 2018-19 i.e. AY 2019-20 includes House Rent Allowance, Interest on Home Loan, Standard Deduction and Chapter VI-A deductions which includes- Section 80C, Section 80CCC – Pension Funds, Section 80CCD – National Pension Scheme (NPS), Section 80CCE, Section 80D ...

Read More
Posted Under: Income Tax |

Advance Tax Provisions, Challan, e-payment Utility & Examples

As per section 208, every person whose estimated tax liability for the year is Rs. 10,000 or more, shall pay his tax in advance, in the form of advance tax. In this part you can gain knowledge on various provisions relating to payment of advance tax by a taxpayer....

Read More
Posted Under: Income Tax | ,

Tax Planning for Salaried Employees for FY 2019-20

As the financial year 2019-20 begins, I hope every salaried employee must be worried on tax savings, where, how much to invest etc., It’s a time to plan your tax savings, referring to recent budget 2019, I have made a small write up were salaried employees can rethink, realign there  investment plan. Lot of salaried […]...

Read More
Posted Under: Income Tax |

How to file taxes as a Freelancer in India

One of the best ways to save tax is to know the right thing to do & proceed accordingly. There could be a number of ways to save tax as a freelancer. Here are the most important & common things one must consider if they are working as a freelancer in India. I. Using the […]...

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Posted Under: Income Tax |

Investment in debt scheme and consequent income tax

In long-term capital gains, one must calculate tax with and without indexation and avoid dividend plans while making any debt-related investment. While making any investment decision, one needs to understand each and every detail of the income as it’s an investors right to maximise the investment if there is any option available. In...

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Posted Under: Income Tax |

Invest To Decrease Your Tax Burden Before 31st March 2019

As the Financial Year 2018-19 is about to end. With the end of the accounting year/ financial year 31st March is the last date for various compliances, actions and decisions to be taken. One such decision is tax planning and decisions regarding Investment in various taxes saving schemes which results into deduction in Income tax […...

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Posted Under: Income Tax |

Last Minute Tax Saving Options

As we are in the mid of March which is last month of the financial year, many of us are concerned as to where and how much to invest to save tax. As one can claim a set limit deduction from his / her income under the Income Tax Act, one must be very careful […]...

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Posted Under: Income Tax |

Income Tax कानून के किस सेक्शन में कितना बचा सकते हैं टैक्स

आपकी सैलरी स्लिप में ऐसे कई खर्च या निवेश होते हैं, जो Income Tax बचाने में मददगार हैं. क्या आप Income Tax बचाने के लिए निवेश के विकल्पों की तलाश ...

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Posted Under: Income Tax |

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