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TAX PLANNING FOR MINORS!

Clubbing provisions can be lawfully avoided if income of minor is strategically deferred beyond his minority! Section 64(1A) of the Income-tax Act provides that “in computing the total income of any individual, there shall be included all such income as arises or accrues to his minor child.” Two exceptions have been provided in regard to the above provisions in relation to the clubbing of income of a minor child...

SACHIN SCORED TAX BREAKS TOO!

When ITAT held Tendulkar’s income from modeling & TV commercials, as that of an artist, exempt from Income-tax! “VISA Power… Go get it!”… Millions who have seen Sachin on TV commercials will never forget these lines of the master blaster, which rolled on screen for almost six long years. But perhaps very few know the interesting tax tale behind it. During Assessment Years 2001-02 to 2004-05 Tendulkar received...

THE MAGIC WAND OF INDEXATION!

Gujarat High Court holds capital gains on gifted or inherited assets also enjoy indexation from date of original holding! Section 49(1) of the Income-tax Act provides that where the capital asset has been acquired by the taxpayer in any of the modes such as on partition of a Hindu Undivided Family or under gift or Will or by succession or inheritance, etc., the cost to the previous owner shall be deemed to be cost...

GOLDEN SECRETS OF TAX PLANNING!

Just light up bright lamps of tax saving for your family this Diwali, by understanding these simple basics! In the words of the celebrated legal luminary and former Judge of the Supreme Court of India, Mr. Justice V.R. Krishna Iyer, “The citizen must pay his taxes but is entitled to plan his affairs to keep as much of his earnings as the policy of the law permits. This is neither avoidance nor evasion but prudence....

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