Income Tax : Learn about the income tax benefits available to resident senior and very senior citizens, including higher exemption limits, dedu...
Income Tax : This article explains the advance tax provisions under the Income-tax Act, including liability thresholds, exemptions, and instalm...
Income Tax : The article outlines practical methods through which business owners and professionals can legally minimise their tax burden. It h...
Income Tax : HRA exemption and home loan deductions operate under separate sections of the Income Tax Act. Taxpayers may claim both under the o...
Income Tax : The revised content expands tax planning guidance for business setup by extending deduction analysis up to AY 2026-27 and Tax Year...
Income Tax : Trusts and institutions carrying out charitable activities will face more stringent taxation regime when the new direct taxes code...
Finance : Money managers, who have historically used dividends as a ploy to lure investors to tax-saving stock funds, are shying away from p...
Income Tax : Bhoruka Steel Limited (BSL) was incorporated in the year 1969. The company became a sick industrial company within the meaning of...
Income Tax : Wallfort Shares & Stock Brokers, a Five Member Special Bench of the Tribunal (96 ITD 1 (Mum) (SB)) and the Bombay High Court (310 ...
Reflecting on ownership or leadership succession provokes an extreme emotional reaction for business and asset owners, as this is a reminder of age and mortality, which innately clouds the human mind with fear, feeling of loss of control or influence. A stress free mind calls for a simple and robust succession plan to protect the assets and facilitate a seamless transition for the benefit of the business and next generation. Individuals who have dealt with succession issues structurally and with professional help have ensured survival and sustainability of businesses and wealth through generations.
Introduction Getting into the day to day work, we never thought what we missed yesterday or what we can plan for tomorrow. We at Hubco.in, always receives queries from budding entrepreneurs and people serving under employment related to Tax planning and from there we get to know that these are the problem of masses. Based […]
The word ‘tax’ troubles every salaried individual and business person, equally. Nobody likes when a portion of their income gets deducted in the form of tax. Therefore, individuals that fall in the tax bracket, choose certain tax-saving schemes like PPF, Mutual Funds, and tax-saving FDs, life insurance, Mediclaim policy or property investmen
A large part of a tax-payer’s income goes away by way of Income-tax. For this reason tax- payer is always on the look-out of ways and means for minimising his tax liability. The best way to achieve this objective is to utilise the services of a tax-expert and get one’s tax-affairs so arranged within the four corners of taxation-laws, that his incidence of taxation is minimised.
The subject of Estate Planning has always engaged the kings and the common men alike. Estate planning requires a thoughtful plan weighing various alternatives and deciding whom to give, how much to give, when to give and in what form to give one’s estate.
There has been controversy from long about the limits on tax planning. The Supreme Court judgment in the case of Mc Dowell & Co. Ltd. vs. CTO (1985) 154 ITR 148 (SC) had marked dividing line between the tax evasion and avoidance of tax through tax-planning. In this case hon’ble Supreme Court held that tax planning may be legitimate provided it is within the framework of law. Colourable devices cannot be part of tax planning and it is wrong to encourage or entertain the belief that it is honourable to avoid the payment of tax by resorting to dubious methods. It is the obligation of every citizen to pay the taxes honestly without resorting to subterfuges.
1. The word ‘tax planning’ connotes the exercise carried out by the taxpayer to meet his tax obligations in proper, systematic and orderly manner availing all permissible exemptions, deductions and reliefs available under the statute as may be applicable to his case.
Why is tax planning necessary ? The tax paid is an addition to the cost. Just as every businessman tries to maximise his profit by reducing the cost, he should also arrange his affairs in such a way, that he pays the least amount of tax.
Learn how the new tax rules for A.Y 2015-16 in India will benefit the salaried class. Find out about the increased minimum limit and more.
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.
