Guide to .. Tax Management ,Tax Planning and Tax Saving
 
It Is Possible To Have A Discretionary Trust

The income of a private discretionary trust for the benefit of the relatives, etc., of the settlor is now normally liable to tax under Section 164(1) of the IT Act at the maximum rate of income tax for AY 2013-2014 or even for the AY 2014-2015. Where a discretionary trust is declared in a Wifi, and such a trust is the only trust so declared under the Will, then the income of such a discretionary trust would be liable to income tax at the normal slab rates applicable to an AOP or an individual. However, great care should be taken in the drafting of such a Will.

Where such a trust carries on business, the profits and gains of the trust would be chargeable to tax at normal rates of tax applicable to an AOP or an individual and not the maximum marginal rate of tax, provided such a trust is declared for their support and maintenance, and also that it is the only one such trust so declared in the Will.

 
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It Is Possible To Have Discretionary Trust - Family Tax Planning
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Taxation in Business & Profession [Section 28 to 44]
Taxation in Business & Profession [Section 28 to 44]

Computation of income under the head 'Profits and Gains of Business or Professions' [Section 28 to 44]

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Tax Computation with Assessment of Salaried Person, HUF, Individuals
Tax Computation with Assessment of Salaried Person, HUF, Individuals.

Computation of Income with Assessment Under the Head 'Salary', 'HUF', 'Individuals'.


Indivisuals
HUF
Salaried Person
 
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