Tax Planning - Page 5

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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Posted Under: Income Tax | ,

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 | ,

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

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‘. The department’s SLP against the sai...

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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 |
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