Tax planning case study india 6,00,000 and Rs. The methodology discusses collecting primary data from discussions with Apr 22, 2024 · This decision introduced a crucial distinction between tax avoidance and tax planning. Sep 10, 2022 · This study has been undertaken to analyse the income tax planning process and tax reduction measures for individuals for the Assessment Year 2021-2022. 15 Issue 4, July 2012 ISSN Thus, while tax avoidance is perfectly legal and is, at times, referred to as ‘tax planning’, tax evasion is illegal and, therefore, carries with it the risk of penalties and prosecutions under the tax laws. Chapter 14: Tax Planning, Tax Avoidance & Tax Evasion; Module 3. 28%(AR 14–15 MOF) to the total tax revenue of the central government. Sep 11, 2024 · Purposive Tax Planning: It involves tax-saving decisions aligned with specific purposes, such as creating assets/ trusts, restructuring income, or making productive investments that also offer tax benefits. Jan 6, 2025 · Types of Tax Planning. Focusing Solely on Tax Savings Aug 31, 2017 · The main aim of this study is to check an individual's knowledge of tax planning and management and to measure it with demographic factors. Computation of Income from Other Sources : Taxation of Dividend u/s 2(22)(a) to (e), Provisions relating to Gifts, Deductions, Other Miscellaneous Provisions, Practical Case Studies. CTO (1985) 154 ITR 148 (SC) had marked dividing line between the tax evasion and avoidance of tax through tax-planning. It involves the strategic utilisation of all available tax exemptions, deductions, concessions, rebates, allowances, and other reliefs or benefits sanctioned under tax legislation, thereby minimising the tax burden to the greatest extent possible. DDT under tax treaties 1 ABC Co F Co t d India Govt DDT Treaty rate 15%. ” (FT, 2012) Jul 12, 2020 · Through a review of theoretical frameworks, empirical evidence, and case studies, the paper explores how companies navigate the complexities of tax planning and offers recommendations for Dec 8, 2021 · Now cut to 2012, the Apex Court held that it was not a case of Tax Avoidance and discharged Vodafone of its Tax Liability since the sale of share in question did not amount to transfer of capital asset within the meaning of Section 2(14) of the Income Tax Act. 3 Income from House Jan 11, 2023 · Download Corporate Tax Planning Tax Planning Notes, PDF, Books, Syllabus for MCOM (2025). Sep 19, 2022 · Kaushik Rajiv, "Assessment of Individual Income Tax, Tax Planning and Saving in India", IJCEM International Journal of Computational Engineering & Management, Vol. So, it is illegal. Mar 5, 2022 · Download Corporate Tax Planning Notes, PDF, Books, Syllabus for B COM, BBA 2022. Tax planning considerations include direct and indirect taxes and the key objectives are availing tax Rebate to resident individual paying tax under New tax regime . Dive into the case study of Ms. It was originally filed in the Delhi Court on 26 th August, 1966 and the order of the High Court of Delhi, in which the appellants were not granted any relief was on the order of the Commissioner of Income Tax dated 23 rd November, 1964. Feb 17, 2025 · Under Section 80C of the Income Tax Act, you can reduce your taxable income by claiming deductions for various investments and expenses. This article outlines several ways you can employ to reduce your tax burden. Mar 27, 2025 · You face unique challenges and opportunities when managing your significant financial assets concerning tax planning. To evaluate the Tax Planning provisions under Income Tax Act for curing housing problem of the economy for the present context 4. Oct 29, 2024 · Common Mistakes to Avoid When Tax Planning for HNIs in India. Corporate Tax Planning study material includes corporate tax planning notes, corporate tax planning book, courses, case study, corporate tax planning syllabus, question paper, MCQ, questions and answers. %PDF-1. It provides background on the origin and evolution of India's income tax law. In countries with an established tax department, a specialized Boehringer Ingelheim team was still responsible for a certain review process, while an EY team stepped in for local compliance, and the remaining tasks stayed with Boehringer Ingelheim’s tax This series of tax and development case studies in selected countries demonstrates how governments in developing countries are addressing tax avoidance and evasion, assisted by the tools and capacity building services which the OECD and the Global Forum on Transparency and Exchange of Information for Tax Purposes carry out with the crucial support of their donors and partner organisations. 25,000, whichever is less. Discover the world's research 25+ million The document provides details about a project report submitted by Komal Dnyandeo Nanware on income tax planning with respect to individual assessees. Apr 23, 2015 · This document summarizes a study on financial planning and tax savings strategies for salaried employees in India. This is done by legitimately taking advantage of all tax Aug 22, 2019 · Case Studies on Corporate taxation CHAMBER OF TAX CONSULTANTS 22. Initial Pages; Chapter 15: Deduction, Collection and Recovery of Tax; Chapter 16: Income-tax Authorities; Chapter 17: Assessment Procedure; Chapter 18: Appeals and Revision; Chapter 19: Dispute Resolution; Chapter 20: Penalties; Chapter 21: Offences and Prosecution; Chapter 22 In January, Vodafone won a supreme court case against India’s tax authorities, which had spent years pursuing the UK-listed telecoms group for capital gains tax supposedly due on its $10. KEY ASPECTS OF TAXATION OF A PRIVATE TRUST In general, moving to a Trust structure is neutral from the point of view of taxation, i. vs. Taxmann's flagship Corporate Tax Planning & Business Tax Procedures publication has been the 'go-to guide' for the past 25+ years. To take advantage of tax planning, the assessees must be aware of the various provisions of tax saving plans that are available under the statute. January 2010; DOI: The final section pulls together the various suggestions for consolidation of tax reforms in India. Ltd. Apr 1, 2019 · There have been increasing literature on aggressive tax planning and corporate tax avoidance, which focus on economic consequences (Ksovreli, 2015; Hanlon & Heitzman, 2010). Union of India is an appeal case in the Supreme Court of India. If total income of such individual does not exceed Rs. Tax Avoidance and Tax Evasion: The Indian Case ANIL KUMARJAIN Banaras Hindu University Introduction 'TAX avoidance' and 'tax evasion' are terms so frequently referred to in economic and business relationships today that they constitute part of Corporate tax planning and business tax procedures : with case studies / Vinod K. Reference of any provision of law shall be pertaining to the Indian Income Tax Act, 1961 unless otherwise specified. Using Taxblock India Pvt Ltd as a case study, the paper highlights the transition towards digital advisory platforms and their Mar 17, 2025 · The primary goal of tax planning is to achieve maximum tax efficiency, allowing individuals and businesses to retain more of their income. Can tax planning result in tax evasion accidentally? If not carefully managed, aggressive tax planning strategies can cross the line into tax evasion, especially if they involve deceitful practices like underreporting income. Tax planning is arrange financial affairs in such a manner that without breaking up Sep 23, 2021 · In the case of McDowell and Co. Tax planning is essential for High-Net-Worth Individuals (HNIs) in India, but several common mistakes can hinder effective strategies. Exemptions/Deduction, Clubbing provisions, Set Off and/or Carry Forward of Losses, Rebate Modern Asian Studies, 21, 2 (I987), pp. X (ROR and age is 67 years) during the PY 2019-20 has a rental income from a house in Delhi Rs. 6. It provides an overview of the basic principles of income tax under the Income Tax Act of 1961, including the objectives of income taxes, chargeability of income tax, scope of total income, concepts used in tax planning, and the difference between Apr 21, 2020 · This logic consists on addressing then organizing various aspects of international practices of tax planning. In contrast, tax planning involves legitimate business transactions that also result in tax savings as a secondary benefit. The term “tax planning” has recently become more widely used and is intended to encompass the broad range of activities undertaken by firms implementing a strategic approach to reducing their tax bill whilst staying within the bounds of what is namely- UK, USA and Australia and three developing countries namely- Malaysia, Pakistan and India. CIT. Find out the residential status of X Ltd. This study focuses on professional help and advice for Mar 23, 2024 · 4. We provide complete corporate tax planning pdf. in. 2019. ABSTRACT A tax plan is about that particular person’s income for that year. This article is emphasizing only one aspect of personal finance of tax planning with a view to optimizing tax liability to increase real return on investment besides impact of inflation and risk-return trade off. , neither a tax advantage nor an additional tax burden is imposed by the Income-tax Act, 1961 (IT Jan 1, 2016 · In India, income-tax contributes up to 52. For the fiscal year 2023–2024, the maximum deduction allowed is ₹1,50,000 (subject to future changes). Part B: Customs Laws, Goods and Service Tax* (70 Marks) Customs Law 1. 1 Income from salaries 28 2. The study revealed while the progressive tax rate structure was followed in the case of individual taxpayers in all these countries but the tax rates Jan 5, 2022 · The year 2021 was loaded with several significant Income-tax rulings a taxpayer and revenue will need to remember. Jun 28, 2023 · In India, tax planning plays a significant role in optimizing one’s financial goals and securing a stable financial future. It is obvious that paying taxes is fairly inevitable, because the human civilization is based on it. Tax Avoidance and Tax Evasion: The Indian Case ANIL KUMARJAIN Banaras Hindu University Introduction 'TAX avoidance' and 'tax evasion' are terms so frequently referred to in economic and business relationships today that they constitute part of Corporate tax planning is a critical component for businesses operating in India, aiming to minimize tax liabilities while adhering to legal frameworks. Priyanka, a retired Indian resident, earned Rs. Modern Asian Studies, 21, 2 (I987), pp. Table of Contents Case of double taxation and why do we need double taxation relief? Example: Mr. As far as India is concerned, salaried employees have to 11. The Supreme Court held in this case that tax planning can be legal if it falls under the legal framework. Jul 13, 2020 · The Tax system is an important subject to study. Shreya, an employee in India, was not properly planning her taxes and ended up owing Rs. It includes an acknowledgement, certification from the guide, and introduction. Tax planning is necessary to minimize tax costs in the same way businesses try to reduce other costs. It includes a declaration, acknowledgements, table of contents, and several chapters analyzing key concepts from the Income Tax Act of 1961 such as the different sources of income, deductions, tax rates, and recommendations for tax planning. PERSONAL BACKGROUND AND INFORMATION Susan Wood (Age 50) Tax Planning Transformed: A Case Study with TaxPlanIQ John, a seasoned tax advisor with an hourly rate of $250, was constantly overwhelmed with the demands of his practice. Our editorial board has meticulously analysed all the judgments/orders throughout the year and reported over 1,400 judgments at taxmann. The income tax law provides various methods for tax planning. Jun 12, 2024 · Tax planning for HNWIs requires a nuanced approach, balancing compliance with optimization of tax liabilities. D. Importance of Tax Planning. unwpe vizibqah nxfj itqfv rliid qnchr jqne tghblm rvfx mmhn awzgm afwyx kefk tzguc wwbu