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PPF REFINANCE PLAN!

Contributing to PPF for 6 years & reusing the fruits for next 9 years is like eating your cake & keeping it too!    All taxpayers are keen to avail of the maximum benefit of deduction under Section 80C of the Income-tax Act. The major concern, however, for most of the taxpayers is how to raise the necessary liquidity required for the purpose of investment. We shall discuss in the present case study an...

ITAT UPHOLDS PLEA ON FBT!

No Fringe Benefit Tax leviable on expenditure for non-employees like entertainment, sales promotion, etc.     Taxpayers will recall the highly controversial levy of Fringe Benefit Tax (FBT) imposed by Finance Minister P. Chidambaram in 2005 and the grave protests voiced against the mischievous interpretations of the deeming provisions as contained in the circulars on the subject issued by the Central Board of...

TAX LIABILITY OF LEGAL HEIRS

Can PF, superannuation, leave salary, gratuity & pay arrears of a deceased employee be taxed? Benjamin Franklin said that, “Only two things are certain in life, death and taxes.” In several countries including the US and UK, taxes are not only a concern for an individual during his lifetime, but also a nightmare that continue to haunt the family of the deceased. Fortunately post 1985, legal heirs in India have...

NRI PROPERTY REGULATIONS

FAQ on liberal provisions for purchase & repatriation of sale proceeds upto 1 million USD per annum Q.1. Is a Non Resident eligible to purchase immovable property in India? A.1. Under the general permission granted by the Reserve Bank of India (RBI), every NRI being a citizen of India or a Person of Indian Origin (PIO), that is an individual (not being a citizen of Pakistan or Bangladesh or Sri Lanka or...

CHANDA DO… TAX BACHAO!

Election funding can reap some smart tax saving with 100% tax deduction for donations to political parties! Political donations entitled to 100% tax deduction in computing taxable income. Effective tax saving possible from 30.9% to 32.445% of the amount of donation. No monetary limit for political donations by non-corporate tax payers. Corporate donations restricted to 5% of average profits under Company Law.     ...

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