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Tips on Tax Planning ! (page-2/5)

11: Accumulated Income of Minor Not to be Clubbed with income of Father or Mother

Generally speaking, the income of a minor child is to be clubbed with the income of the father or the mother, whoever of the two has the higher income. However, a very interesting decision was given by the Supreme Court of India in the case of CIT v. M.R. Doshi 211 ITR 1.

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12: Daughter-in-Law should have a separate Income Tax File

Immediately after the marriage of his son, an assessee can start tax planning for his daughter-in-law. The daughter-in-law should not receive any gifts, directly or indirectly, from her husband, mother-in-law or father-in-law.

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13: Tax Planning under One Roof

Income tax is payable by different persons mentioned in Section 2 (31) of the Income Tax Act, 1961. Generally speaking, only the following categories of persons are liable to pay income tax:

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14: Tax saving Allowances, Accommodation and Car for A.Y. 2013-2014 for Salaried Employees

Tax Saving on Allowances

Salaried employees in particular should take advantage of the following tax-free allowances permissible to them in terms of Rule 2BB (1) & (2):

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15: Your Own Adult children Could Save you Tax – How ?

Perhaps you have never thought that your own adult children could save you tax. This sounds somewhat unbelievable but the fact is that taking advantage of the provisions of the Income Tax Act, 1961 one can surely save substantial amount of income tax especially by making gifts to one’s own adult children.

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16: Creating a New HUF (Hindu Undivided Family) Can Save You Tax – How ?

It is usually believed, that in view of the various amendments to the Income Tax Act, several restrictions have now been placed on the formation of a Hindu Undivided Family (HUF). Thus, from the point of view of tax planning, it is not possible for a Hindu male to add his self- acquired property into the common assets of the HUF.

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17: Working Couples Can Save Income Tax – How ?

Nowadays there are many are working couples and both spouses are income tax payers. The provisions of deduction of tax at source apply to both of them but in some cases it is possible to save through proper tax planning.

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18: Salaried Employee or a Consultant ? What the Tax Breaks Indicate

When taking up a new assignment, it is worthwhile to consider whether you should take it up as an employee or as a consultant.


One important tax consideration between a salaried employee or a consultant is with reference to various tax-free perquisites which are available to salaried employees.
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19: Save Income Tax  through Family TRUST - How ?

Family trusts play a very important role in the practical life of a person. There are special provisions governing the assessment and taxation of trusts and their trustees which are contained mainly in Sections 160, 161,162 & 164 of the Income Tax Act, 1961.

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20: The Income Tax File of a Deceased Person will Continue - When & How ?

Normally when a person dies, his legal heirs or executors distribute the assets left by the deceased on the date of death. It may happen on many occasions that due to some reason or the other, complete distribution of the assets left by the deceased does not take place.

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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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