You are here: Home » Archives for Tax Planning

Tax Planning

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 .....

Invest in Infrastructure Bonds to Save Taxes Beyond Rs 1 Lakh Limit

Infrastructure bonds, no doubt is creating a sensation all over with the range of facility that it provides to its investors. Saving tax was never been so simple and precise, now with the aid of infrastructure bonds one can save even more. Earlier, investors of infrastructure bonds could only invest up to Rs. 1, 00, 000 which resulted in an ultimate savings of Rs. 30, 900. However, latest amendments in the tax structure has allowed .....

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 .....

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 .....

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 .....

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 .....

Receive a Gift From Relatives? No tax

you can receive any amount from your relatives without paying any income tax as there is no gift-tax at present. There are certain provisions and important points which we will discuss in this post. Gift can be received by the following ways. From RelativesRelative means: Spouse Brother or sister Brother or sister of the spouse Brother or sister of either of the parents of the individual Any lineal ascendant or descendent(A lineal descendant is a .....

Deduction u/s 80G | Tax Deduction for Donations made to Charities

Can individuals claim tax deduction for donations made to charities? Yes, individuals can claim tax benefits on ‘eligible’ donations made to charities. Deductions are available under Section 80G to any taxpayer i.e. individual – resident and non-resident, firm, HUF and company. All donations are not eligible for tax benefits. Tax benefits can be claimed only on specific donations i.e. those made to prescribed funds and institutions. Are all donation made u/s 80G equal deduction?No Under .....

Tax Planning with Home Loan

Is Tax planning is legal? Yes, It is legal and it is your right to plan tax legally and i am here to plan your tax legally. Tax planning, a legitimate exercise, should not be confused with taxavoidance or tax evasion. Good tax planning comprises tax compliance and availing proper tax benefits, coupled with proper analysis of the financial implications of a decision. There are many situations that demand a proper understanding of, and approach .....