| Date |
Tax Tip of The Week |
| 27-06-2005 | In the case of let-out commercial or deemed let out properties, take as much loan as you can obtain. |
| 14-06-2003 | An individual should become director/shareholder (20 per cent or more equity shares) only in those companies where he is not employed. |
| 07-06-2003 | The funds of the minor child may be invested in house property used for family residence so that no income accrues therefrom. |
| 20-04-2003 | An existing industry having considerable taxable profits may plan diversification in the industries and can claim 100% depreciation in respect of the new plant and machinery. |
| 06-04-2003 | If the funds of minor are invested in jewellery, ornaments and silver utensils, it will not generate any income unless the same are sold or transferred. |
| 22-03-2003 | A spouse having higher income can transfer his high income yielding asset to other spouse and purchase assets which yield no income or less income. |
| 10-03-2003 | Municipal tax should be paid during the previous year if the assessee wants to claim deduction. |
| 01-03-2003 | NOR persons can claim set off of losses sustained in a business controlled from outside India against their taxable income in India provided they shift the control of the business to India. |
| 22-02-2003 | Senior citizens can annually earn Rs 1,30,000 and still pay not a penny to the government. |
| 08-02-2003 | Monetary donations made to approved institutions established in India for charitable purposes are eligible for deduction u/s 80 G of the I.T Act. |
| 01-02-2003 | Arrears of pensions/salaries are taxable in the year of receipt itself, deductions under section 89 can also be availed in the same year. |
| 25-01-2003 | Pension is treated at par with salaries and is eligible for standard deduction. |
| 18-01-2003 | If an individual transfers a property to his minor son without adequate consideration, it should be sold only after the son attains majority in order to avoid clubbing of income under section 64. |
| 11-01-2003 | An HUF is taxed as an entity rather than its individual members. The tax rate is same as that for individuals. |
| 04-01-2003 | No capital gains would arise on the transfer of a capital asset (shares, property etc.) under a gift, will or an irrevocable trust. |
| 28-12-2002 | When NRIs invest in shares and debentures of Indian Companies, through foreign remittance they are protected from paying taxes on gains arising from devaluation of Indian Rupee. |
| 21-12-2002 | Once a joint Hindu family is assessed as that of Hindu undivided family, it continues to be assessed as such in subsequent assessment years till partition is claimed by its coparceners. |
| 14-12-2002 | If an assessee is allowed to use one or more motor cars out of a pool of motor cars for his private purposes, care should be taken to ensure that HP rating of even a single motor car do not exceed 16. |
| 07-12-2002 | Commuted pension is fully exempted in case of government employees and partly exempt from tax in case of non government employees who can claim relief under section 89(1). |
| 30-11-2002 | If you are in a business or profession, you should have enough cash withdrawals from the bank, to lower your tax burden. |
| 23-11-2002 | Loan taken to repay an earlier housing loan will qualify for a deduction under section 24 (1)(vi). |
| 16-11-2002 | A non-resident can escape tax-liablity in respect of income earned outside India, if he firsts receives it outside India and then remits the whole or part of it to India. |
| 09-11-2002 | To enjoy NRI status? Make sure that you do not stay in India for more than 181 days during one p.y and your total stay in India during any four p.y preceding the relevant p.y does not exceed 364 days. |
| 02-11-2002 | Don't mix money: Remember the Income Tax authority treats you and your spouse as separate entities. Don't deposit your spouse's salary or any other cheques in your bank accounts. |
| 26-10-2002 | Ensure that all inflows in your bank accounts are explained. Don't accept cash or cheques from sources that cannot be explained. |
| 19-10-2002 | File Your Company's/Firm's Tax Audit Report for the assessment year 2002-03 by 31.10.2002. |
| 12-10-2002 | If you have more than one house,keep the house with maximum annual value self occuied |
