I've been a regular visitor to rediff.com whenever I feel like reading some graffiti. of course the best thing they could have done to themselves is the speed with which rediff pages open up. But this is one article that keep appearing every year, during the month of filing tax returns. If I am not wrong this is the third year in succession that rediff has come out with this article. And even my eyes had started twinkling when I read it the first time. Take my word, reading this article is a waste of time, especially for salaried people! If you're into business, you can make your 4-5 family members as business partners and split your income. In that case all 4-5 members have to file individual returns. For salaried people, this is not possible due to TDS. But you can apply this logic for your other taxable investments (e.g. fixed deposits, bank interests etc.) Put those on names of your lesser earning or non-earning family members and you can save some tax.
Never expected Rediff to go to that lowest extent and publish such sub standard articles. I could give a better story and a more catchy title namely, " How to Pay Zero Tax with 28 Lakh of Income" if only I had 10 daughters with each showing an income of Rs. 2.8 L. Ha Ha... Cant believe such decadent readings.
Rediff off late has been doing great in devicing CATCHY HEADLINES only. The content in it is either ridiculuos or complete garbage....
Why the hell cant they provide useful info which could be ideally used by so many employed persons for thier benefits. Rather than doing that these guys are breaking twisting the different govt policies and showing or rather feeling themselves that they have done a great job.
One question:: How can u get this kind of incomes from MNC's while there can be some kind of flexibilty in some small organisations but its highly impossible in any big organisation.
Regards... Try to improve on the content my friends in REDIFF
First of all how can Mr.Zerotaxwala divide his inocme or Rs.13.1 lacs and show it as - 2.5 each for all four members and - Remaining for fifth member. This is impossible - how can he show incomes for wife and children who are his dependants. Where can they earn income from - from what source ? Please dont write these articles unless the content has been reviewed thoroughly
RE:This is either unclear or not possible
by ranbir singh kochar on Jul 10, 2008 02:40 PM Permalink
It is for an HUF(Hindu undivided family). Hence it is correct
Where did that 13.1 lakh come from to be given as gift? If the father is salaried then he has to pay tax on that income of 13.1 lakhs - as a single person and then only gift it.
But if he is running a business he can show his family members as his employees and pay them salary below tax treshold limit Rs.1.5 lakhs 1 lakh tax saving = 2.5 lakhs.
RE:Even LKG kid has better brains than Lakhotia and Rediff editor
by Ajay Pai on Jul 10, 2008 02:45 PM Permalink
If he is running a buisiness then he can do a lot of things :-) Only if he salaried then he is gone... Only salaried class are the ones who pay taxes atleast 75% honestly.
