Using the medium of a discretionary trust, you can plan to save a decent tax of Rs.2,06,000 on income of Rs.10,00,000! 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.” With a view to ensure building up income for minors without attracting the above provisions relating...