If there are 1000 people in a household and if each of them earns 1,00,000 all of the money in the household will be tax free. This is the most misguiding article I have ever read. I know lot of ways to save tax. 1. If you have a housing loan and if the house/apt is in another city , then if you declare the rental income on that property there is no slab on the interest income. You can avail the HRA benefit as well. Suppose you have 50L loan, then your annual interest might be 5L. If your rental income is 10K, then 5,00,00 - 10000*12*(0.7) is tax exempt (70% of rent income is taxable)
If your rent is 20K and HRA is 16K, then you can avail 16000*12 as tax exempt
All ulips deduct allocation charges. and if u calculate amount of tax on the premium amount u pay to buy a ulip, tht will be lesser then the allocation charges.
so is it a vice descision to pay the higher amount to a company and block the rest of the amount for at least three years or one should pay a lesser amount as income tax as the contribution to national development and take in hand the rest of the amount which you could have blocked in the ulips
What a waste of time to run our mind for such a idea. Lots of better way to reduce IT Tax. Please pesnally I prefer to pay some tax amount because this small about of tax help you in future may be when you plan for foreign trips or so... For saving this idea was just useless
Chidabaram look,how business people are making fool of your tax laws, salaried people just sue rediff ,which has now opted for cheap publicity incorparating these stupid articles.
All you're doing here is trying to get clicks and thus the advertising revenue. Whatever suggested is absolutely stupid... 3 Lakhs in PF from 13.10 Lakhs is stupid.. what about salaried guys? How would you declare you income as your spouse's even when you're in business? By having all as partners?
I think there should be a TRAI regulation monitoring such farcical articles... rediff is getting stupider by the day... and the author Lakhotia is one big idiot
...ABBEY GHONCHU......WHAT WILL YOU DO IN CASE OF THE SALARIED CLASS?....YOUR FORM 16, CLEARLY SAYS THAT THE INCOME COMES FROM THE SALARY OF THE ASSESSEE.....ALSO BASED ON YOU PROOF OF INVESTM,ENT THEY DEDUCT TAX AT SOURCE?......HOW CAN YOU SPLIT THE SALARY OF AN INDIVIDUAL INTO MULTIPLE FAMILY MEMBERS?....WHAT DO YOU SHOW AS THEI "SOURCE OF INCOME" ?.......PUBLIC KO BEWAKOOF SAMAJHA HUA HAI ..LAKHOTIA AUR REDIFF NE....
Saving tax at the cost of investing almost 4 lacs. is it a fair Idea.Also the provisions of clubbing may apply, under which the income of all other family members would be clubbed with the income of a single person. Say 4 example , a working daughter or a son who is pursuing education, how will u explain to the dept. that they got the time for business. Furhter if the daughter or son is a minor then their income is clubbed with the income of their parents.
