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"Conclusion @ Family Tax Planning "

Substantial tax saving is possible by adopting a holistic, family-wide tax planning. Do remember that your legally tax saved today is your future investment. Looking to the size of the family as well as the type of income and the age bracket of different family members the tax planning of the family has to take off. Also it should be remembered that tax saving is a reality come true which is easy to implement.

Presently for the financial year 2014-2015 the exemption limit for individual or an HUF is Rs. 2,00,000 it is high time that tax payers have a separate and independent income-tax file for every member of the family and thus enjoy tax free income for every member to the tune of `2,00,000. Women tax payers, moreover, will also enjoy exemption limit of `2,00,000. Similarly, the senior citizens (age 60 to 80 years) would really be very happy with an exemption limit of `2,50,000. However, the happiest would be very senior persons (age above 80 years) as they would enjoy tax exemption limit of `5,00,000 for the F.Y. 2012-20 13.

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The provisions relating to search and seizure are contained in section 132 of the Income Tax Act, 1961.
 
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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..
 
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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..
 
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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.
 
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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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