Tips on Tax Planning ! (page-3/5)

21: Capital Gains Exemption under Section 45F is Permissible Even where the Land was Owned by Assesses Spouse

Disputes often arise between the Income-tax Department and the assesees about the grant or otherwise of exemption regarding Capital Gains. One of the important provisions of the Income-tax Act

---------------------------------------------------------------

22: Any Income Arising On The Transfer Of “Personal Effects” Is Not Liable To Income Tax At All – How ?

Income Tax is payable on the capital gains of an assessee, in relation to any movable or immovable property, subject of course, to the various exemptions and deductions allowed under the Income Tax Act.

-------------------------------------------------------------------------------------------------
 

23: How to Save Tax on Educating Your Children

One of the best tax proposals as per the Finance Act, 2005 related to the abolition of the system of granting rebate on certain investments including payment of tuition fees for children and substitution of the tax benefit by a more positive proposal by grant of a straight deduction in the computation of total income in place of the tax rebate.

-------------------------------------------------------------------------------------------------
 

24: Section 164 of the I. T. Act is not Applicable If the Shares of Beneficiaries in the TRUST are Known and Determinate !

During the course of assessment proceedings, disputes do arise about the applicability of Section 164 particularly when the Income-tax Authorities are of the view that the shares of the beneficiaries in the trust are not determinate or known and Section 164 of the Income-tax Act should be applied.

-------------------------------------------------------------------------------------------------
 

25: ‘HUF’ consisting of Husband, Wife and Daughter can be treated as Assessable Unit for Income Tax Purpose.

Whether an HUF created by gift, and consisting of self, wife and daughter, can be treated as an assessable unit for income tax purposes, is a common question posed by tax payers specially in light of Rajasthan H.C. decision in the case of Mukut Biharilal Bhargava v. CIT. reported at 53 ITR 613.

-----------------------------------------------------------------------------------------------

26: Sale of Entire Business of a Going Concern Does Not Give Rise to Capital Gains

Often disputes do arise between the Income-tax assessees and the Income-tax authorities about taxability of certain amount as Capital Gain. However, if the sale is of entire business including all assets and liabilities,

-----------------------------------------------------------------------------------------------

27: Tax Planning @ Rental Income

Normally, taxpayers show rent received by letting out a property, as “income from house property.” However, intelligent tax planning is possible, particularly when furniture, fittings, machinery, etc., are let out together with house property.

-----------------------------------------------------------------------------------------------

28: Tax Planning @ Public Provident Fund (PPF)

Certain deductions are allowed under the Income Tax Act, while computing taxable income. One such important deduction relates to contributions made to the Public Provident Fund (PPF).

-----------------------------------------------------------------------------------------------

29: Income Tax @ Professional Income

One of the five main heads of income under the Income-tax Act, 1961 is “Profits & Gains of Business or Profession”. Thus, any net income a tax payer derives from the carrying on of any business or profession, is computed in accordance with the provisions contained in the Income Tax Act.

-----------------------------------------------------------------------------------------------

30: You Can Apportion of Sale Consideration between Land and Building For Computation of ‘Capital Gains’

When land is sold along with a building, an important aspect of Income-tax Law relates to computation of capital gains. The main dispute that arises before the Assessing Officer relates to the apportionment of the sale consideration between land and building.

-----------------------------------------------------------------------------------------------
 
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
 
Get Updated ...
Tax Tutorials
E-Payment Of Direct Taxes
Filing Of Return Of Income
Interest for Delay in Filing the Return of Income [Section 234 A]
Interest for default in Payment of Advance Tax [Section 234B]
Provisions Of 'Income-Tax Law' Useful For Non-Residents
MAT (Minimum Alternate Tax)
AMT ( Alternative Minimum Tax)
Tax On Long-Term Capital Gains (LTCG)
Tax On Short-Term Capital Gains (STCG)
Exemption[ Section-54] For Capital Gains Arising On Transfer Of Residential House Property
Tax Treatment Of Gifts Received By An Individual Or HUF
Set Off And Carry Forward Of Loss Under The Income-Tax Act
Interest For Delay In Payment of TDS/TCS And For Non-Payment Of Tax Demanded
Tax Deduction/Collection Account Number (TAN)
How to apply for PAN ?
Refund Of Excess Tax Paid By The Taxpayer (Sections - 237 to 245 )
Presumptive Taxation Scheme of Section 44AD
Presumptive Taxation Scheme of Section 44ADA
Presumptive Taxation Scheme of Section 44AE
Deduction in respect of Life Insurance Premium, PPF, NSC, etc. [Section 80C]
Deduction in respect of Medical Insurance Premium [Section 80D]
Tax Deducted at Source (TDS) from Interest, other than Interest on Securities (Section-194A)
Tax Deducted at Source (TDS) from Interest on Securities (Section 193)
Late Filing Fees And Penalty For Failure To Furnish/Delay In Furnishing The TDS/TCS Statements
LIBRARY @ Tax Management
TAX & INVESTMENT GUIDE FOR "NRI"- Non-Resident Indians !
GUIDE & FAQ @ TAX
GRAPHICAL PRESENTATION @ TAX
TIPS & TRICKS @ TAX
MANAGERIAL & FINANCIAL DECISIONS @ TAX
5 GOLDEN RULES OF TAX PLANNING
FAMILY TAX PLANNING
DEDUCTIONS FROM YOUR INCOME
EXEMPTED INCOMES
HUF - FORMATION, MANAGEMENT & TAX PLANNING
COMPUTATION OF GROSS TOAL INCOME
INCOME TAX @ GLANCE
MULTIPLE KNOWLEDGEBASE ON TAX
51 TIPS ON TAX PLANNING
APPEALS UNDER INCOME TAX
ASSESSMENTS
PENALTIES UNDER IT DEPATMENTS
TAX SAVING SCHEMES
TAX READY RECKONER
TAX RATES
PROSECUTIONS UNDER INCOME TAX DEPARTMENT
TAXATION SYSTEM IN INDIA
CHARITABLE & RELIGIOUS TRUST - TAXATION
PRESCRIBED FORMS WITH with Section / Rules
KNOWLEDGE BASE !
New Topics @ Tax KnowledgeBase...
 
 

Most Popular Topics :

Corporate Tax ( Taxation in Companies)
FAQ on TDS on Salaries
FAQ on Taxable Income
FAQ on Filing of Income Tax Return
Graphical Chat Presentation of Provision of Motor Car / Other Vehicles [Rule 3(2)(A)&(B)]
'Appeals' Under Income Tax Act. 1961.
'Assessments' Under Income Tax Act. 1961.
List of Exempted Incomes (Tax-Free) Under Section-10
Income Under the Head ' Business and Professions' [Section 28 to 44]
Income Under the Head ' Capital Gain'
Income Under the Head ' House Property '[Section- 22 - 25 ]
Income Under the Head "Salary"
[Section 15-17]
Income Tax on 'Partnership Firms'
PENALTIES Under Income Tax Act. 1961.
Tax Saving Schemes for Individual -Instant Guide
New Tax Rates For FY 2017-18 & AY 2018-19
"Exempted Incomes" under Income Tax Act.
Charitable & Religious Trust :Formation, Registration, & Taxation
Hindu Undivided Family [HUF] - Formation, Management and Taxation
 

Most Popular Links :

Clubing of Income Deduction U/s 80C
Allowances Us-17(3) Exemption-Salary
Tax Amendment-2015 Taxable Income
Clubing of Income Tax Deductions
HUF Deduction HUF Investment
Gift by HUF HUF Tax Planning Tips
Tax Saving Schemes Tax Planning Tips
Refund of Tax Fringe Benefit Tax-FBT
Return Filing Assessment / Scrutiny
Notice from I.T. Dept. Incomes Types @ TDS
Exemptions-Tax Returns “Summon” U/s 131
'Black Money' @ I.Tax Big Gifts To Be Taxed
'Appeals' under I.Tax Assessment @ I.Tax
Exempted Incomes Capital Gain
Business & Professions House Property
Salaries @ I.Tax Partnership Firm
'Penalty' under I.Tax Act. Tax Ready Reckoner
Charitable Trust Useful Links @ I.Tax
 
Guide & FAQ on Tax Knowledgebase @ Taxation Income Tax @ Glance HUF - Formation, Planning & Taxation
Charitable & Religious TRUST NRI (Tax Planning,Saving,Investemnt) Budget 2017-2018 GST (FAQ, Law, Act. Rules, Schedule, Enrollment)
FAQs - Income Tax India Tax Tutorials    
______________________________________________________________________________________________________________________________________________________

Disclaimer:
All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.

The visitors may click here to visit the web site of Income Tax Department for resolving their doubts or for clarifications