Income Tax Articles

Tax saving tips for the new year 2013

CA Roopak Singh 08 January 2013 at 12:17

First of all Happy New Year to the readers and happy new tax benefits. 1. Every Family member to be an assessee: Every family member should be an income tax assessee to avoid clubbing provisions and avoid the gifting complications. 2. Prepare

Note on deduction u/s. 80HH to 80TT and Limit u/s. 80AB

Deepak Agrawal 08 January 2013 at 12:17

Note on Allowability of deduction u/s. 80HH to 80TT of the Act to the extent of Gross Total Income in light of provision of section 80AB and determined Judicial Pronouncements: 1.1 Section 80AB of the Act: Deductions to be made with re

HUF - A Tax entity for your benefit

KCJM and Associates 07 January 2013 at 11:46

A Common Question which a Taxpayer usually asks a Chartered Accountant at the time of filing his Income tax Return; How to save tax legally by forming HUF? The Hindu Undivided Family (HUF) structure is a very effective way to save tax and a lot of p

Proliferation of Black (Dirty) Money

R. Sudarshan Bala 07 January 2013 at 11:44

PROLIFERATION OF BLACK MONEY THE EVIL MOTIVE: From the olden days where the barter system prevailed till the phenomenal phase of technology today, from small traders and merchants to the CEOs of vast business empires, there has always bee

Capital gain - Exemption u/s 54 & CG Scheme account

CA Neil Ganatra 02 January 2013 at 12:23

Capital Gain Exemption & Capital Gain Account Scheme Sec. 54 (2) of the Income Tax Act provides as under: The amount of the capital gain which is not appropriated by the assessee towards the purchase of the new asset made within one year

Wealth Tax: Taxes on your wealth!

Garvit Dave 29 December 2012 at 13:06

Wealth tax is a direct annual tax, payable every year like your direct taxes. It is another type of direct tax by which tax is imposed on individuals coming within its purview. Pensioners, retired persons or senior citizens have not been accorded

Alimony and Tax Implications

Manish Negi 28 December 2012 at 11:59

Meaning of Alimony Alimony or maintenance is a U.S. term signifying a legal obligation to provide financial support to one's spouse from the other spouse after marital separation or

What is Salary | How to Calculate TDS on Salary

@VaibhavJ 27 December 2012 at 11:33

TDS on salary is computed on Salary under section 192. TDS on salary is computed on the estimated annual salary of the employee at the rates in force in the FY

Clubbing of Income: An essential part of Tax Filing

Garvit Dave 27 December 2012 at 11:31

Now that we know the scenarios which lead to clubbing of income, we could efficiently work around this very premise to save taxes. There is a fine line of difference between tax saving and tax evasion, spilling over from one to another could mean

Beware! Mis-selling Season Ahead!

Prof. Bajaj 27 December 2012 at 11:31

After coming back from his vacation, Sidhesh Tulange, a 33 year old Software consultant, logged into his office computer to make the first statement, Oh No !! I forgot to submit this before going to vacation. The HR department has re