BUILDING TAX FREE CAPITAL FOR CHILDREN!
Investment In Your Minors’ PPF Accounts
Can Weave The Amazing Magic!
ENJOY FREEDOM FROM TAX BURDEN!
Income-tax of Rs.2,87,370 on Family Income of Rs.27,60,000
Average tax rate of just 10.4% – Myth or Reality?
INCOME TAX IS NO LONGER AS TAXING!
Just consider some tax facts of the past six years as highlighted hereunder:
- In FY 2004-05, taxable income exceeding Rs.1,50,000 attracted the maximum tax rate of 30%.
- Today in FY 2010-11, the basic Income-tax exemption limit is Rs.1,60,000 and the maximum tax rate of 30% is attracted only if the taxable income exceeds Rs.8,00,000.
- In FY 2004-05, the Income-tax payable on taxable income of Rs.8,00,000 was Rs.2,18,280, on the basis of which the average rate of tax worked out to 27.29%.
- Today in FY 2010-11, the Income-tax payable on the same taxable income of Rs.8,00,000 is Rs.96,820, resulting in an average tax rate of 12.10%.
Thus, during the past six years, taxpayers earning taxable income of Rs.8,00,000 or more, have effectively enjoyed a tax relief of Rs.1,23,600.
BOOK RELEASE FUNCTION on 9th August, 2010
SAVE TAX – THE SMART WAY…
SMART WAY
TIMES OF INDIA REVIEWS "SAVE TAX - THE SMART WAY"
SAVE TAX – THE
Practical Strategies for Tax & Investment Planning
By Mukesh M. Patel & Jigar M. Patel
Published by: TAXMANN, New Delhi
Price: Rs. 325
“The citizen must pay his taxes but is entitled to plan his affairs to keep as much of his earnings as the policy of law permits. This is neither avoidance nor evasion but prudence. Informed intelligence and honest fore-thought are virtues of a taxpayer.” The great Justice Holmes could not have used better words to emphasize the need and importance of planning one’s taxes.
If, however, you carried the notion that personal tax and investment planning could be undertaken only through frequent and expensive consultations of a tax expert, you are bound to change your mind after going through the absorbing book ‘Save Tax – The Smart Way,’ which stands out most remarkably for its jargon free presentation, lucid style and logical approach and reads more like a chat from your friendly neighbourhood tax advisor.
The thematic presentation of 66 chapters and 12 sections covers a unique spectrum of tax saving ideas relating to income, wealth, gifts and investments, through clear, crisp and convincing presentations, enriched by several meaningful and relevant case studies, illustrations and queries and replies on practical issues.
There is so much in store for you, ranging from planning a zero tax pay package, a bouquet of exemptions for retirement benefits, incentives for housing and property income, enjoying capital gain without tax pain, deductions – to axe your tax and relax and skillful planning via Will.
The book also provides you with valuable understanding and insight into using HUFs and discretionary trusts to your tax advantage, creating lawful routes for scrubbing the clubbing provisions and achieving major tax savings for your minor’s income. Numerous investment planning designs, both innovative and imaginative, offering valuable tax saving opportunities have been analyzed.
Whether you are a salaried or an investor, a businessman or a professional or even enjoying your retirement, drawing ideas and inspiration from the book would almost instinctively urge you to use it as your own ‘DIY’ (Do It Yourself) tool-kit for tax saving!
