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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...

TAX STIMULUS FOR MEDICAL INSURANCE

Section 80D allows deduction of Rs.15,000 for covering insurance for own family & additional Rs.15,000 for premium paid for parents Medical Insurance is becoming increasingly popular in India with the increasing cost of medical treatment and hospitalization expenses. The benefit of having a medical insurance is that by making a small payment of insurance premium, the proposer can cover the cost of medical...

PPF MAGIC UNSTOPPABLE!

You Can Build Amazing Tax Free Capital For Your Children Via Investment In PPF! 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 64(1A) of the Income-tax Act, which...

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. Tax Saving Even Without Actual Payment! Query: I am desirous of investing in a house and need a housing loan of Rs.20,00,000.  An institutional loan would...

Tax Axe To Chop Charities Too!

Religion & Politics Sheltered As Taxman’s Holy Cow! Complex Provisions To Perplex Charities New Jargon – Fresh Norms  Charitable trust to bear the new identity of ‘Non-Profit Organisation (NPO).’   Charitable purpose replaced by the new phrase ‘permitted welfare activity (PWA).’  Fresh procedure for NPO registration to be undertaken by all charities.  Different & elaborate norms for computing gross receipts...

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