Tax planning a honest way of seeking legal route to save tax , unlike tax evasion which involve twisting facts and creating unjustified legal colourable devices with sole motive to evade tax payments. A very recent judgment by Mumbai Tribunal has opened door for many non residents –individual and other entities – to plan their...
Is your tax saving products bought in FY 2010-11 good under DTC too !
February 23, 2011 by
Tax on investments is a major decision for any tax planner With the Direct Tax Code (DTC) to come into effect as soon as April 2012, it is necessary that individuals when selecting their tax saving instruments ensure that the same would be eligible for tax saving under the DTC too. Several financial products that till date...
Save tax on salary :Don’t pay Interest u/s 234B & 234C !!
January 19, 2011 by
Advance tax liability arises when a tax payer has the tax liability in any year exceeds Rs 10,000. Section 208 of the I T Act says advance tax shall be payable in every case where the amount of such tax payable is ten thousand rupees or more. Naturally, a salaried employee can , by the...
Six types of disallowances for which A.O Can’t Charge interest u/s234B !
January 18, 2011 by
The disallowance on account of non deduction of tax at source is now very common form of disallowance by the assessing officer. Such disallowance is done u/s 40(a)(i) and 40(a)(ia) of the I T Act. Very common disallowances for non deductions of tax at source are 1. Non deduction on contractual works (Section 194C )...
Knowing a little unknown provision saves huge tax & even let you claim refund of past tax payments.
January 14, 2011 by
Tax planning is an art. The preparation for tax planning should be continous process . Since end of FY 2010-11 is appraching , every tax payer must be making estimate of its tax laibility. So if some tax can be saved , it will be good.Therefore, taxworry.com is starting a series of tax planning article...
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