Mukesh Patel.in
practical tax & investment planning online
international tax expert / columnist / author / speaker

NO TAX ON STIPENDS & SCHOLARSHIPS

Amounts Received to Meet Costs of Education & Training

Are to be Treated Tax Exempt, Even if Not Fully Spent!

Under Section 10(16) of the Income-tax Act, any scholarship granted to a person to meet the cost of education is exempt from tax. The term ‘scholarship’ should be interpreted liberally and it would also include within its scope and ambit, amounts of fellowships, stipends, grants for travel and incidental expenses, etc. awarded for acquiring education. (more…)

TAX SAVING VIA HUF

Granted the Status of an Independent Tax Entity

HUF has a Key Role in Personal Tax Planning

Under the Direct Tax Laws in our country, a Hindu Undivided Family (HUF) has been granted the status of an independent tax entity. Thus, an HUF has assumed a useful role in personal tax planning. (more…)

TAX BREAK FOR YOUR CHILDREN’S EDUCATION

If you are spending a lakh on children’s tuition fees

You can reap a cool tax saving of upto Rs.30,900!

Today’s Q & A presentation discusses some interesting issues in relation to the tax incentive offered for your children’s education by Section 80C of the I.T. Act. (more…)

TAX FREE DIWALI GIFT FOR YOUR EMPLOYEES!

Gift Below Rs.5,000 on any Ceremonial Occasion

Treated as a Tax Free Perk for the Salaried

“If you give what can be taken, you are not really giving,” quoted the noted Sufi author Idries. If you as an employer are trying to think of giving something to your employees during the coming festive season, out of which even the Taxman cannot take anything, here is a smart idea! (more…)
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