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Tips on Tax Planning !(page-1/5)


1: Pay Zero Income Tax ! How is it Legally Possible ?

One of the commonest questions we are asked is:

Is it legally possible to not pay any income tax at all?

Indeed, this is possible in several situations…

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2: Exemption from Capital Gains is available U/s 54  where a New Residential Property is Purchased On or Before the Date of Furnishing Return under section 139(4) of the IT Act.

Under the Income-tax Act, 1961 exemption is available to an assessee under Section 54 of the IT Act in respect of capital gains where a new residential property is purchased on or before the particular date, as provided under Section 54 of the IT Act. The date for furnishing the return could also be date under Section 139(4) of the IT Act.

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3: A Women, Married or Single, can save Income Tax. How ?

A woman, whether married or single, can save a great deal of income tax through proper tax planning. However, many women are ignorant about their rights and duties under the Income Tax Act

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4: Gifts received from Friends, Relatives or from NRIs could be Exempt from Income Tax ! How ?

It is very common for, people to receive gifts from friends and relatives. In some cases, gifts are also received from NRIs. Let us consider the latest provisions of the Income Tax Act, 1961 regarding gifts, and analyse how individuals can plan to have complete exemption from income tax in respect of

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5: Various Ways to Get Exemption from Capital Gains Tax

A taxpayer is required to pay tax on income under different heads of income under the Income Tax Act, 1961. Of the 5 heads of income, one very important head of income is “Capital Gains.”

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6: Capital Gains Are Taxable in the Year of Possession of Property and Not Transfer of Title

Under the Income Tax Law, very often a controversy arises as to when a particular property can be said to be transferred, namely when the possession of the property is handed over to the buyer or in the year in which the title of ownership is transferred.

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7: How HUF Status in Income Tax Save You a Lot of Money

There are many financial transactions where, persons buying or selling immovable property — residential, agricultural, commercial or industrial property or any movable property declare their status as that of Hindu Undivided Family or HUF

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8: The Incomes of Spouses are Not Clubbed Together - HOW to Ensure ?

One of the important aspects of tax planning is to ensure a steady income not only for oneself but also for other members of the family. Without proper tax planning, the income accruing, arising or received by an assessee’s wife might be clubbed with the income of the husband, thereby leading to a higher incidence of income tax.

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9: “A Married Woman”could Own Property in Her Own Name: from the Tax Planning Angle

A married woman can have her own independent funds. She can have her own independent investible funds made up of gifts or loans. By adopting proper tax planning, a married lady could as well own a house property of her own. One of the desires of every family is to own a house.

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10: The Husband can Give a Loan to his wife, Not a Gift

We have explained in an earlier tip that a married woman should not take gifts from three prohibited persons, namely, her husband, her father-in-law and her mother-in-law. Earlier, till FY 1985-86, no gift-tax was payable by the husband on the gifts up to
`
50,000 made in his lifetime to his wife.

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Sec. 143(3) : Scrutiny Assessments by Income Tax Department
“Penalties” Under Income Tax Act. 1956
How is a Search Operation Conducted by Income Tax Department ?
Surveys for Checking Ostentatious Expenditure
Surveys for Enforcing Compliance with Provisions of TDS
“Summon” U/s 131 of Income Tax Act.
Investigation by Income Tax Department:
Appellate Authorities of Income Tax Department
Power to Call for Information U/s Sec. 133(6) of Income Tax Act.
Specific Surveys U/s 133A(1) of Income Tax Act.
Types Of Income Subject To TDS [Deduction Of Tax At Source]
Pre-Requisite For Claiming Income Tax Refund
Benefits of Filing Income Tax Returnsn
Section-139(9): Defective Tax Return
 
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How is a Search Operation Conducted by Income Tax Department ?
The provisions relating to search and seizure are contained in section 132 of the Income Tax Act, 1961.
 
Sec. 143(3) : Scrutiny Assessments by Income Tax Department
Scrutiny assessment refers to the examination of a return of income by giving an opportunity to the assessee to substantiate the income declared and the expenses, deductions, losses, exemptions, etc. claimed in the return with the help of evidence..
 
“Penalties” Under Income Tax Act. 1956
Penalties by way of monetary payments are charged under the Income Tax Act for various defaults relating to payment of taxes, maintenance of accounts, for noncompliance and non co-operation during proceedings, for evasion of tax, etc..
 
Income of Individuals And HUFs – As a Tax Payers Under Income Tax Act, 1961.
The individual tax payers and also the HUFs while proceeding to calculate the net taxable income in the first phase are required to arrive at the gross total income under different heads of income...
 
Types Of Income Subject To TDS [Deduction Of Tax At Source]
The following types of incomes are mainly subject to deduction of tax at source: (a) Salaries Section 192. (b) Interest on securities Section 193..
 
Pre-Requisite For Claiming Income Tax Refund
For claiming income tax refund the first prerequisite is that there should have been excess tax paid or deducted at source on the basis of return of income.
 
Section-139(1) : Provision for Voluntary Income Tax Return
Every person,— (a) being a company or a firm; (whether having income or loss) or (b) being a person other than a company or a firm if his total income or the total ncome of any other person in respect of which he is assessable under this Act during the previous year exceeded the maximum amount which is not chargeable to income-tax, shall file a return of his income in the prescribed form.
 
Benefits of Filing Income Tax Returnsn
We have heard many a times that every individual whose total income exceeds the maximum exemption limit is obligated to furnish his/her Income Tax Return or ITR.
 
Section-139(9): Defective Tax Return
Where the Assessing Officer considers that the return of income furnished by the assessee is defective, he may intimate the defect to the assessee and give him an opportunity to rectify the defect within a period of 15 days from the date of intimation.
 
Section 139(5) : Revised Income Tax Return
If any person, having furnished a return u/s 139(1), or in pursuance of a notice issued under section 142(1), discovers any omission or any wrong statement therein, he may furnish a revised return at any time.
 
Section-139(4A) : Income Tax Return of Charitable and Religious Trusts
Every person in receipt of income derived from property held under trust or other legal obligation wholly or partly for charitable or religious purposes or of income being voluntary contributions referred to in section 2(24)(iia) shall.
 
Section-139(4) : Belated Income Tax Return
If an assessee has not furnished a return of his income within the time allowed to him under section 139(1) or within the time allowed under a notice issued under section 142(1).
 
 
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