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WEAVING WONDERS VIA PPF!

With a net annual investment of just Rs.69,100 for 18 years, build tax free capital of Rs.43.59 lakhs for your child! Every parent would naturally be concerned about building capital for his or her children, which would go to ensure meeting their financial requirements for higher education, marriage, settlement in life, etc. One of the major stumbling blocks in doing so are the clubbing provisions under Section...

DHOKLA & SAMOSA GET TAX EXEMPTION!

Making of food products is manufacture & export by a 100% EOU can enjoy tax holiday holds ITAT Ahmedabad If you thought that your favourite dhoklas and samosas were mere gastronomic delights you were mistaken. Infact, if a taxpayer has a 100% export oriented unit (EOU), which is actively engaged in making and exporting the same, he can even enjoy income-tax exemption for the profits earned therefrom under...

FESTIVE CHEER FOR EMPLOYEES!

Any gift within the value of Rs.5,000 by an employer on a ceremonial occasion is tax exempt for his employees! The noted Sufi writer Idries Shah once remarked, “If you give what can be taken, you are not really giving.” If you as an employer are trying to think of giving something to your employees during the coming festive season, out of which even the Taxman cannot take anything, here is a smart idea! Rule...

CAN THE HUF SUN RISE WITHOUT A SON?

Courts have held that two male members are a must to constitute an HUF is a myth that must be dispelled! Under the Direct Tax Laws in our country, a Hindu Undivided Family (HUF) has been granted the status of an independent tax entity. Thus, an HUF has assumed a useful role in personal tax planning. No doubt, it is true that to constitute an HUF, there should be atleast two members and there cannot be an HUF...

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