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AXE YOUR TAX & RELAX!

Interest-free loans to family members from your own funds can go a long way to lawfully reduce your tax burden!             “A Rupee saved is a Rupee earned,” says the well-known dictum. In the context of the current Indian Income-tax Law, one could modify this saying to read as “a Rupee saved from tax, equals one and a half Rupees earned.” Every Monday since August, 2010, ‘AM Tax...

THE ART & SCIENCE OF INVESTMENT PLANNING

Managing your money requires more skill than making it! Four investment jingles you must learn for happy investing!    Investment planning is both an art and a science. It is a science, since it is based on sound information, tested principles and logical statistics. However, it is also an art, since it involves intelligent analysis, judicious decision-making and a sixth sense of visualization. The key to...

DON’T HARASS TAXPAYERS!

Else, it will drive them cynical in believing that paying taxes honestly is not worthwhile, says Allahabad High Court! “Speedy and affordable justice is the requirement of the day. But it cannot be achieved until the executive, including taxman, discharge their duties faithfully and honestly within the four corners of law.” – Allahabad HC in Vijay Agrawal vs. CIT (2013)             In a recent landmark judgment,...

TAX CONCESSIONS FOR AILING & DISABLED

Liberal deductions provided under the I.T. Act in respect of expenditure for medical treatment & maintenance!  The Income-tax Act provides for special deductions in computing the taxable income of a taxpayer who is disabled or who is required to incur expenditure for the medical treatment, training or rehabilitation of a disabled dependent or any amount deposited for the maintenance of such disabled dependent....

HOW A SELF OCCUPIED HOUSE IS TAXED?

Special concessions are offered in case of one house property occupied by the taxpayer for his own residence! Under the Income-tax Act, ‘income from house property’ is a separate head of income, under which the ‘annual value’ of a property, consisting of any building or land appurtenant thereto, of which the taxpayer is ‘the owner’ is chargeable to tax. If, however, a house property is occupied by the taxpayer for...

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