Tax Planning

Forums Tax Planning


Question Category : Tax Planning

    • Who will be charged for interest on FD invested from gift?

      I propose to gift a sum of Rs 20,00,000/- (Rupees twenty lakh) to my wife in the Financial Year 2107-2018. She will invest this money in a FD in her exclusive bank account where I am not a joint account holder. My wife is filing her own Income Tax Return even though she is not working and earning.Her source of income is gifts only.Please clarify the following:- 1. Will her earnings on the gift amount be charged to me for income tax . 2. If I will be charged for the income she earns on the gift,will it be charged to me for income tax for Financial Year 2017-2018 only or for all times to come.

      Profile photo of Sagar Dalavi Asked By: Sagar Dalavi 1 replies 0 helpful answers Last Updated: 1 week, 1 day ago
    • Lease Car Rental & Sold after lease expiry

      Hi-I took Ford Car under lease rental Option @10900/-PM. I have paid 3 year lease (means total amount of Rs.3.92 Lacs) and this option eligible for tax benefit. After 3 years, the company offered me a price of Rs.4.05 Lac and I opted for that. They also deducted Rs.50K as Perks.Tax and the car was owned by me. I later sold the car for Rs.5.40 Lacs. So please advise me how much Tax is payable/refundable to me in this

      Profile photo of Kolluru Murthy Asked By: Kolluru 2 replies 0 helpful answers Last Updated: 3 months ago
    • Tax treatment of interest on Minor FD…

      My “in laws” have gifted a fixed deposit to my minor daughter. The FD is made in the name of “Suhani Gupta u/g Parmod Gupta ( Suhani is my daughter – age 12 years and Parmod is my mother in law ) . The interest is cumulative receivable on maturity in the year 2023.
      Now the query is – Annual Interest due from this FD should be shown annually in the income tax return of parents – throughout the tenure of FD ( based on the concept of Accrual basis ) OR it can be shown in the income tax return of Suhani Gupta in the year 2023 when the entire interest is received and she will be above 18 years ( based on the concept of Cash basis ) ……!!!!!!

      Profile photo of Tarun Gupta Asked By: Tarun Gupta 1 replies 1 helpful answers Last Updated: 5 months ago
    • Plz clear the query on interest income of fixed deposit in t

      My “in laws” have gifted a fixed deposit to my minor daughter. The fixed deposit is made in the name of “Suhani Gupta u/g Parmod Gupta ( Suhani is my daughter – age 12 years and Parmod is my mother in law ) The source of the funds are retiral benefits of my father in law.
      Now the query is – Annual Interest income generated from this fixed deposit will be added to whose income ( parents income , father in law’s income or mother in law’s income ) plz be aware that parents have neither funded this FD nor drawing any benefit out of it.

      Profile photo of Tarun Gupta Asked By: Tarun Gupta 1 replies 0 helpful answers Last Updated: 6 months ago
    • Income tax saving method for a salaried person

      I have recently joined a job with a package of 4.2 lacs pa. I need to know how much tax will be deducted from my salary and what are the ways I can save my tax? I would like to invest at an early stage so that I get both tax saving and returns.

      Profile photo of Monika Asked By: Monika 1 replies 1 helpful answers Last Updated: 7 months ago
    • I need to know calculation of TDS on salary

      I earn a salary of Rs. 6,60,000 and I also earn a bonus each year based on performance up to 10% of my salary. I recently faced a very heavy TDS cut in my salary since my tax declarations and actual investment proofs didn’t match as explained by accounts department. Can You please help me with the calculations of TDS.

      Profile photo of pooja Asked By: pooja 1 replies 0 helpful answers Last Updated: 7 months ago
    • hi

      hello, do you provide free service in creating tax efficient salary breakups ?


      Regards,
      Dashang G. Makwana

      Profile photo of Dashang Makwana Asked By: Dashang 1 replies 0 helpful answers Last Updated: 7 months, 3 weeks ago
    • Tax Saving

      My CA is saving a lot of my taxes, How come you guys are not able to save that much?
      I have less trust in my CA, however more benefit if I get my taxes filed by him.
      On the other hand, more trust on you guys, but less tax savings!

      Profile photo of saurav kumar Asked By: saurav 1 replies 1 helpful answers Last Updated: 8 months ago
    • tax calculation

      I am a retired SR.citizen and received pension arears from 2006 to date. Please let me know how much amount to be reported for the current financial year and also for previous years

      Profile photo of Anant Saxena Asked By: Anant Saxena 1 replies 0 helpful answers Last Updated: 8 months, 1 week ago