Tax Planning - Page 4

Create HUF to save tax & Format of HUF Creation Deed

1. Under the Income Tax Act, an HUF is a separate entity for the purpose of income tax return. 2. The same tax slabs are applicable to HUF as to individual assessee. 3. You can not transfer your own assets/money into HUF. 4. If you have ancestral property and earning some income from this property, then it is better to transfer this asset...

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Posted Under: Income Tax |

Life Insurance Premium- Tax benefit on Payment and Maturity

Life insurance policies can be used as tax planning tool as premium paid on Insurance Policies is eligible for tax benefits under Section 80C of the Income Tax Act 1961 (Act) and Maturity Proceeds are also eligible for exemption under section Section 10(10D) and Section 10(10A)(iii). ...

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Posted Under: Income Tax | ,

Taxability of second House under Income Tax Act,1961

People buy a second home for many reasons, which, inter-alia, include as an investment for capital appreciation; to use it as a holiday home; to get a regular stream of income by way of rentals; or to diversify their investment portfolio. Whatever be the reason, an important aspect to be considered at the planning stage is the tax implica...

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Posted Under: Income Tax | ,

Your parents can help you save tax / reduce your tax liability

In this article we have listed four tips to save Tax Through Your Parents which includes 1. By Investment & Share Trading in your parents name 2. By Paying Rent to Parents to claim HRA or Section 80GG deduction 3. By shifting losses on Shares by off market Transactions 4. By doing share trade in Parents Name. ...

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Posted Under: Income Tax | ,

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 |
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