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

HOW TO ENSURE NO TAX DEDUCTION?

All you wanted to know about

TDS on Interest in Simple FAQs

Section 194A of the Income-tax Act provides for tax deduction at source (TDS) at 10% out of interest payments exceeding Rs.10,000 in a financial year.  However, with a view to grant relief to persons who are not under liability to pay any income-tax, special provisions have been made under Section 197A, which permit the benefit of no tax deduction even on interest payments exceeding Rs.10,000.  Answers to many frequently asked questions (FAQs) in relation to this special relief will prove to be both interesting and useful.

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INDEX YOUR GAIN AND REDUCE YOUR TAX PAIN!

Availing the Benefit of Indexation, you can Inherit Today,

Sell Tomorrow & Still Keep Away your Tax Sorrow!

 

If your grandfather had acquired a plot of land for Rs.10,00,000 in late 1981, which you received by way of inheritance on his death in 2010 and you were planning to sell the same in early 2011 for a consideration of Rs.71,00,000, what would be the income-tax you would be required to pay on your capital gains?

 Difficult to believe, but ‘zero tax’ is the correct answer. (more…)

TAX SUPPORT FOR DISABLED & AILING!

Income-tax Act provides for Liberal Deductions in the

Computation of Taxable Income in such Special Cases

The Income-tax Act provides for special deductions in computing the taxable income of a taxpayer who is disabled or who is required to incur expenditure for the medical treatment, training or rehabilitation of a disabled dependent or any amount deposited for the maintenance of such disabled dependent.

Similarly deduction is also allowed to a taxpayer who is required to incur any expenditure for the medical treatment of specified diseases or ailments, either for himself or a dependent relative. (more…)

TAX FREE RETIREMENT BENEFITS!

Retirement Benefits that can be claimed as fully tax exempt:

  • Gratuity upto Rs.10,00,000
  • Leave Encashment upto Rs.3,00,000
  • VRS Compensation upto Rs.5,00,000
  • Entire PF Balance, without any ceiling (more…)

YOUR WILL IS SIMPLE, BUT SO IMPORTANT!

Execution of Your Will should figure

on the top of Your New Year Resolutions!

The importance of executing a Will has yet not been appreciated to its fullest extent in the Indian society. It is, therefore, not surprising to come across several cases where in pursuance to the death of an individual, there are several family disputes and practical problems in the absence of the Will by the deceased. The execution of a Will is very simple and at the same time non-execution of the same can create several difficulties. (more…)

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