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Saturday, July 26, 2008

Wealth Tax planning ideas for CS Final & professionals

Manoj Singh Bisht on Taxing

Taxing, no more TAXING, yes its interesting with us. Lets start with the most interesting Tax, as its on your wealth. Relax, we are giving you the way out, as usual. Enjoy taxin...

These ideas will help for CS Final friends & all other professionals for their preparations & practice.


Tax Planning is a crucial work to be done, in case of Wealth tax u should keep the following points in your mind:

    • Companies should not invest in unproductive taxable assets like jewellery, motor cars etc. If the assessee has extra funds for investing in assets then use those funds only for investing in non-taxable funds.
    • Avoid the transactions which attracts the inclusion of deemed assets in the Net Wealth.
    • An individual and HUF should not keep cash in excess of Rs. 50,000. Any excess should be kept in a Bank.
    • assesses other than individuals and HUF should not keep cash in excess of what is shown in their books of account , this will help in avoiding the inclusion of cash in assets for computation of Net Wealth.
    • The exemptions under section 5 should be availed of.
    • Always use borrowed funds for investing in taxable assets since there is a deduction available for borrowed debts under the Act, and thus use the owned funds for investment in non-taxable assets.

Do comment your views for betterment & to make it more interestin...



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