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Key to Efficient Tax Planning – Part-3

Tax planning is a task of great precision where each and every aspect has to be taken into account before any decision is taken. There are no textbook rules and regulations with respect to tax planning instead; tax planning is regarded as an art whereby personal skill and intelligence is required in order to get the best results. But on an overall basis, there are certain areas which appear to be common in most of the areas and these .....

What is Tax Planning and Need to Planning of Tax? – Part-2

Tax planning is a systematic way of distributing the funds of an assessee in such a way that his tax liability is the least and on the other hand, also provides him the best benefits available. Tax planning has been a pressing issue for quite a long time and in such context, many have taken ax planning to be an unfair mean, whereas the reality is completely the opposite. Tax planning involves correct judgment of investment and diversification of .....

Tax Planning and Tax Savings Go Hand in Hand

Observe carefully, it is the financial year end and its time you file your return. Its time you start planning to save your taxes by way of investments and save as much as you can but in a legal way. Tax planning is a work of diligence which aims at reducing your tax liability. On the hand, tax savings is a measure to save your income from the purview of taxation. Though both of them .....

The Equilibrium Zone in Tax Planning

Today tax planning has become a major part in every taxpayer’s life where the individual uses various methods to reduce his tax liability and enhance his growth. Tax savings and tax planning are very closely associated with each other and both of them aim at the same end purpose, which is, reducing the tax liability of the assessee. Tax planning is the systematic way of planning of investment of your funds with a view to .....

Last Minute Tax Planning

An efficient tax planning can save you handful amount of money whereas an unstructured tax plan can cost you an additional handful amount of money. So, in light of the above statement it becomes very important to make a proper tax planning so that you might be able save a few more. Out of the planning period, the issue of last minute planning is always the most critical one as it would be the last .....

10 Things You Must Know for Tax Planning

There are 10 important factors that one must know in order to ensure a better control over his tax liability and they are listed below: Planned investment: Planned investment is the key towards tax planning as diversification of income to various sources is the best way to use the income. Concentration of income on a particular type of investment should be avoided as it may create confusion and doubt. Fair view: One should have a .....

Save More by Donation to Scientific Research

Today every individual wants to save himself to the maximum limit with regard to payment of taxation. A very clever option in such a case can be donation to the cause of scientific research, where the assessee can get deductions and can easily reduce his tax liability. Deduction in respect of certain donations for scientific research or rural development [Sec. 80GGA]: This deduction is available to an assessee other than the assessee whose gross total .....

Mutual Fund And Tax Benefit

Mutual fund is an investment opportunity which pools the investment of the investors with an intent to investment such collected funds in the securities of another company with a view to generate high return over a period of time. Mutual funds are generally managed by a group of highly skilled and professional people who have expertise knowledge about investments and market conditions. They are jointly known as Asset Management Company and they charge a small .....

To Less The Tax Impact, Choose Perks Carefully

Today the corporate world has taken itself to a whole new dimension which promises growth and prosperity guaranteed to itself and its employees. The employees are not only paid by means of their salaries but also are provided with some luxuries provided by the organization reflecting a token of appreciation to the employees. Perks or perquisites usually refers to additional benefits or amenities granted by an employer in addition to salary or wages which he .....

5 Things You Must Know for Your Retirement Planning

Retirement planning is considered to be a financial challenge in India. What you have saved throughout your work life can turn out to be less than sufficient for your peaceful retirement years. Due to the increasing life span; inflation which erodes savings and moderate interest rates, people have started to plan their future early. There are certain ways to ensure that you have a financial plan to make your retirement planning. Set your financial goal: .....

Tax Planning Tips: How to Save Income Tax?

Best Tax Planning Tips Make Maximum Assessee in Family Make your family members income tax assesses to avail basic exemption limit like 1,60,000 for male, 1,90,000 and 2,40,000 for senior citizens. This is the best option and first step of tax planning. See Income Tax Slab for A.Y. 2010-11 to know the exemption limit. Women and Senior Citizens Woman and senior citizens assesseess have more exemption limit then male assessee, so If possible, create income .....

Family Members Investments Qualified Under Section 80C

There has always been misunderstanding in the mind of us toward claiming the deduction under section 80c for investment made on behalf of the family members. In this article, we will talk about all circumstances, where an individual can get the benefit of deduction u/s 80C for payment on behalf of his/her family members. Every person should plan his investments and plan his taxes. Section 80C of Income tax is one of the part for tax planning. This article seeks to .....

Clubbing Income of Spouse – A Practical Approach

A lot of misunderstanding persists among the taxpayers about the clubbing of income and pattern of clubbing of income. There is a chance of cut the tax burden by circulating the income to various family members. To control such practices, certain provisions have been made for clubbing of income of wife, son’s wife and clubbing income of minor children. However, in this article I will point only the provisions of clubbing of income comes under .....

Deduction u/s 80C, 80CCC, 80CCD, 80CCE, 80D, 80DD, 80DDB, 80E, 80G etc.

The following Table all about deduction from income under all section 80A/AB/AC, 80c,80CCC, 80CCD, 80CCE, 80D,80DD, 80DDB, 80E, 80G, 80GG, 80GGA, 80GGB, 80GGC, 80-IA, 80IAB,80IB, 80IC, 80ID, 80IE, 80JJA, 80JJAA, 80LA, 80P, 80QQB, 80RRB, 80U. One can easily find the provision of any above deduction like for whom the particular deduction is allowed and for what quantum of deduction is allowed. 80DDB Sections Particulars Assessee to whom allowed Quantum of deduction 80A/AB/AC Basic rules of .....

Save Maximum Tax on Salary by Simple Salary Framework

A salary framework that be capable cur back you taxes. As It must be obvious by now, drawing a straightforward salary will result in the maximum tax liability for an individual. To save taxes, it is important to consideration in other components of compensation, that force benefit in saving taxes. So next time you negotiate your compensation with your employer, keep the following points in mind: HRA: Through HRA it is possible to save maximum .....

Only House Owner can Claim Deduction u/s 80C

I Work in an IT Company and took a housing loan from HDFC Bank. I am the co-applicant. The property is in my mother’s name but she is a housewife and i pay all EMIs. Am I eligible for tax benefit ? A Deduction under section 80C of the act toward the payment made by way of repayment of amount borrowed by the assessee from the bank for the construction or the acquisition of a .....

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