Enjoy Freedom from Tax Burden!
Income-tax of Rs.2,87,370 on Family Income of Rs.27,60,000
Average tax rate of just 10.4% – Myth or Reality?
INCOME TAX IS NO LONGER AS TAXING!
Just consider some tax facts of the past six years as highlighted hereunder:
- In FY 2004-05, taxable income exceeding Rs.1,50,000 attracted the maximum tax rate of 30%.
- Today in FY 2010-11, the basic Income-tax exemption limit is Rs.1,60,000 and the maximum tax rate of 30% is attracted only if the taxable income exceeds Rs.8,00,000.
- In FY 2004-05, the Income-tax payable on taxable income of Rs.8,00,000 was Rs.2,18,280, on the basis of which the average rate of tax worked out to 27.29%.
- Today in FY 2010-11, the Income-tax payable on the same taxable income of Rs.8,00,000 is Rs.96,820, resulting in an average tax rate of 12.10%.
Thus, during the past six years, taxpayers earning taxable income of Rs.8,00,000 or more, have effectively enjoyed a tax relief of Rs.1,23,600.
BOOK RELEASE FUNCTION on 9th August, 2010
SAVE TAX – THE SMART WAY…
SMART WAY
TIMES OF INDIA REVIEWS "SAVE TAX - THE SMART WAY"
SAVE TAX – THE
Practical Strategies for Tax & Investment Planning
By Mukesh M. Patel & Jigar M. Patel
Published by: TAXMANN, New Delhi
Price: Rs. 325
“The citizen must pay his taxes but is entitled to plan his affairs to keep as much of his earnings as the policy of law permits. This is neither avoidance nor evasion but prudence. Informed intelligence and honest fore-thought are virtues of a taxpayer.” The great Justice Holmes could not have used better words to emphasize the need and importance of planning one’s taxes.
If, however, you carried the notion that personal tax and investment planning could be undertaken only through frequent and expensive consultations of a tax expert, you are bound to change your mind after going through the absorbing book ‘Save Tax – The Smart Way,’ which stands out most remarkably for its jargon free presentation, lucid style and logical approach and reads more like a chat from your friendly neighbourhood tax advisor.
The thematic presentation of 66 chapters and 12 sections covers a unique spectrum of tax saving ideas relating to income, wealth, gifts and investments, through clear, crisp and convincing presentations, enriched by several meaningful and relevant case studies, illustrations and queries and replies on practical issues.
There is so much in store for you, ranging from planning a zero tax pay package, a bouquet of exemptions for retirement benefits, incentives for housing and property income, enjoying capital gain without tax pain, deductions – to axe your tax and relax and skillful planning via Will.
The book also provides you with valuable understanding and insight into using HUFs and discretionary trusts to your tax advantage, creating lawful routes for scrubbing the clubbing provisions and achieving major tax savings for your minor’s income. Numerous investment planning designs, both innovative and imaginative, offering valuable tax saving opportunities have been analyzed.
Whether you are a salaried or an investor, a businessman or a professional or even enjoying your retirement, drawing ideas and inspiration from the book would almost instinctively urge you to use it as your own ‘DIY’ (Do It Yourself) tool-kit for tax saving!
SHARE INVESTMENT NOT BUSINESS!
Mumbai High Court Stresses On Need For
Uniformity & Consistency In Approach!
“Activity of a taxpayer accepted as investment in shares in earlier years cannot be treated as business in subsequent years, if facts are the same.” This landmark ruling of the Mumbai High Court delivered on 6th January, 2010 will make several investors heave a sigh of relief, in the backdrop of the recent onslaught of the Income-tax Department in treating capital gains from securities liable to tax as business income from trading in shares. While long term capital gains from securities are exempt and short term gains attract a concessional tax, business income gets taxed at normal rates. (more…)
PPF MAGIC UNSTOPPABLE!
You Can Build Amazing Tax Free Capital
For Your Children Via Investment In PPF!
ELSS – A CHAMPION TAX WINNER!
Golden Opportunity To Reap Healthy Returns
Coupled With Valuable Tax Saving Benefits
Equity Linked Savings Scheme (ELSS) has emerged as an amazing new investment option, offering you the golden opportunity to reap healthy returns through equity investment via mutual funds, coupled with valuable tax saving benefits. If the choice is judicious, the timing is right and lady luck smiles on you, ELSS can be a champion winner all the way. (more…)
Perks & Jerks for Employees!
Perquisite Rules Mere ‘Old Wine In New Bottle’
Salaried Get No Relief From Anomalies & Inequities
With virtually no reprieve from the tax burden on their pay packages and continuing anomalies and inequities, the new rules for valuation of perquisites announced by the Central Board of Direct Taxes (CBDT) on December 18, 2008 have hugely disappointed millions of salaried employees. (more…)
Indian Properties in NRI Comfort Zone!
Liberal Regulations For Acquisition, Transfer & Repatriation
For Immovable Properties Held By Non Residents
Thousands of Non Resident Indians (NRIs) settled overseas fly frequently to India, the home of their hearts. Many of them yearn to have a land or house of their own in their native land, either for future settlement or even to share rental gains or just property appreciation. There are those who have come to acquire properties either by way of gifts or inheritance and desire to sell them and repatriate the proceeds overseas. This FAQ presentation on the liberal regulations in this regard will prove handy and useful both for NRIs and their relatives in India.
DRAFT CODE GOES OFF THE ROAD!
‘Taxing Times’ Crusade Creates A Historic Impact
As FM Assures ‘No New Code Without Consensus!’
“DTC is not Bhagwat Gita
which cannot be changed”
- Pranab Mukherjee in Lok Sabha (more…)
Housing Interest evokes Evergreen Interest!
Deduct Now, Pay Later, But Save Tax For Sure!
Deduction of interest on housing loan has been of evergreen interest for readers since it provide focus on valuable opportunities for income-tax saving. Replies to the following queries provide an interesting insight.