You earn 13lakhs per annum, but still want to skirt paying tax? What sort of a miser are you? Loosen up those purse strings cheapo! People with far less contribute far more.
Please read the articale carefully. Author says that if you are earning income from following: 1. Business 2. Stock market (equity and/or MF) 3. bank deposite incomes. And clearly not from salary (Salary income cannot be divided TDS is already cut by your employer). If above all is shown are income from single person then he will be paying higher tax. But if Mr Zerotaxwalla gifts his income (after tax paid for year x) to Mrs Zerotaxwalla. And if she invest this in one of the above this will be not Mr Zerotaxwalla's income but Mrs Zerotaxwalla's income, so now income got distributed between Mr and Mrs Zerotxwalla. And so on you can distribut invests done by your family members and so later the income from the same be the separately taxed. Sorry for salaried guys like me also. this is not not for us, but we can atleast plan investments accoringly.
RE:Good articale- This does not apply for Salary only incomes
by Deepak Singhal on Jul 10, 2008 05:51 PM Permalink
but sir, if you start today reading this article, when would you build up incomes of your family to that scale. and then shouldn't the title of this article be accordingly
Com'on guys.. He is just a comic and he forgot to write as first line "PJ of the DAY". ;) Yes, he is idiot though. A pure Sample of bulshit people writing articles in Rediff.
What a useless article ... first of all it is restricted to a business run by a HUF , second of all you don't need to tell a HUF to spread the income (that is the very reason they form a HUF) plus all small time business men ( small time defined as where total profits are less than 50 lakhs ) are extremly adept at hiding income by way of cash transactions , and Lastly , some of the info is totally inaccurate (esp regd the gift tax) .... Pls remove this article ASAP
