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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...

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....

TAX PLANNING FOR GIFTS TO WIFE!

Remember that income from accumulated income is outside the purview of Section 64!       In the context of the clubbing provisions under Section 64 of the Income-tax Act and Section 4 of the Wealth-tax act, it is important to note that the income liable for clubbing is such income arising from the amount of the gifted asset and the wealth liable for clubbing is such wealth representing the amount of the gifted...

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