How to Save Income Tax through Tax Planning (FY 2017-18): 32nd Edition

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Practical and time-tested methods for saving income tax

Every year, the Union Budget changes some tax provisions or the other. Which means every year you need expert guidance to figure out your best tax-saving options because while some tax reliefs may be obvious — others are buried in fine print.

Every year, India's top taxation experts R.N. Lakhotia and Subhash Lakhotia provide you just that — all the best tax-saving solutions that you can profitably use, all packed in this bestselling tax guide.

Find out how you can reduce taxes:

● Tax saving through full claim of tax exemptions, deductions and rebates
● How to reduce tax on your salary and perquisites
● How to save tax on income from house property
● How to save tax on capital gains
● How to save tax through gifts and trusts
● How to compute your taxable income
● Filing your income tax return — the easy way
● Tax planning for different stages of life
● How to plan your investments to minimise taxes.

Full of practical examples and expert guidance, this book is India's most trusted tax-saving guide, which is why The Hindu newspaper hails it as a book "packed with hundreds of ready-to-use tax saving ideas".

And, remember, tax saved is additional money in your bank — to spend or invest as you want.

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About the author

Ram Niwas Lakhotia is a well-known authority on taxation in the country. He is a regular writer and editor of numerous bestselling books, which have seen over 500 editions so far. He also writes regularly for leading newspapers. R.N. Lakhotia had a brilliant academic career. He stood First Class First in both the Degree and Post-Graduate Examinations in Commerce. He joined the Indian Revenue Service and stood first in the whole of India in the I.T.Os. Examination.

As the founder Chairman of Rajasthani Academy, New Delhi he is active in social service and cultural activities. Every year he awards "Lakhotia Puraskar" of Rs. 1 lakh, declared by the Central Government as a National Award for the best writer in Rajasthani language. He is past District Governor of Lions Clubs International. As the President of Vegetarian Congress of Delhi he is spreading Vegetarianism for Health and Happiness. He is Trustee of several Charitable Trusts. He has addressed over 5,000 seminars & lecture meetings in India and abroad. He conducted the very popular "Tax Doctor" show on Zee Business.

Subhash Lakhotia is one of India’s top tax and investment consultant. Director of R. N. Lakhotia & Associates LLP and Director of Lakhotia College of Taxation & Management, he regularly writes in various national dailies. He conducts the popular course known as “Zero to Hero in Direct Taxes."

Mr. Subhash Lakhotia conducts the popular TV show “Tax Guru” on CNBC Awaaz channel which has completed more than 500 episodes and was awarded the National Television Award, 2010 for the “Best Business Talk Show of the Year.

Subhash Lakhotia was selected as the best youth of India by the Lions International to represent India at the World Youth Congress held at Atlantic City, USA in 1970. He is Secretary General of Investors Club and President of Spiritual Clubs International and Unite to Invest (UTI). He is Chief Strategist of Real Estate Strategy Group and is actively associated with various professsional bodies connected with real estate. He has written books on income-tax, investment and real estate and spirituality. He is actively associated with Lions Clubs International. He has been awarded the “Sahityashree” award and “The Suryadatta National Award, 2010”. In the year 2014 Subhash Lakhotia was awarded the “Ambassador of Goodwill” award by The International Association of Lions Clubs, USA. He has instituted “Subhash Lakhotia Shrawan Kumar Puraskar” and “Subhash Lakhotia Sewa Puraskar” each of Rs. 1 lakh per annum.

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Additional Information

Vision Books
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Published on
Mar 31, 2017
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Business & Economics / Personal Finance / Taxation
Business & Economics / Taxation / General
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How to bequeath your wealth to your successors — and save taxes

Trusts and Wills are two ways of legally distributing your wealth to your intended successors or other beneficiaries. Intelligently planned, these two methods can also help you save tax for yourself and your successors.

While Wills are better known, tax and succession planning through private or family trusts is also a tried and tested way of transferring assets and creating income for your successors, including unborn persons. In fact, private trusts have several great advantages over a Will. While a Will is often challenged in the courts — and the resultant dispute can take years to be settled — a properly created trust can help you pre-empt any such family strife. Secondly, by creating the right trust you can pass on your wealth even during your lifetime.

This book offers expert guidance on how to bequeath your wealth as you want, whether by means of trusts or through a valid Will, in a tax-efficient manner:

● The various types of private and family trusts you can set up.

● Principles and procedure for creating a valid private trust.

● Advantages and tax planning aspects of private trusts.

● The concept and advantages of a living trust.

● How to transfer wealth to your family members, including minor children, during your lifetime through a trust.

● How to draft, execute and register your Will.

● What you can bequeath through your Will — and what you can't.

● How to create a new HUF through a Will.

● Ready-to-use drafts of typical Wills.

GST is a value-added tax levied at all points in the supply chain, with credit allowed for any tax paid on input acquired for use in making the supply. It would apply to both goods and services in a comprehensive manner, with exemptions restricted to a minimum.

In keeping with the federal structure of India, it is proposed that the GST will be levied concurrently by the central government (CGST) and the state government (SGST). It is expected that the base and other essential design features would be common between CGST and SGSTs for individual states. The inter-state supplies within India would attract an integrated GST (IGST), which is the aggregate of CGST and the SGST of the destination state.

GST would be levied on the basis of the destination principle. Exports would be zero-rated, and imports would attract tax in the same manner as domestic goods and services. In addition to the IGST in respect of supply of goods, an additional tax of up to 1% has been proposed to be levied by the central government. The revenue from this tax is to be assigned to the origin states. This tax is proposed to be levied for the first two years or a longer period, as recommended by the GST Council.

With GST, it is anticipated that the tax base will be comprehensive, as virtually all goods and services will be taxable, with minimum exemptions. GST would bring in a modern tax system to ensure efficient and effective tax administration. It will bring in greater transparency and strengthen monitoring, thus making tax evasion difficult. While the process of implementation of GST unfolds in the next few months, it is important for industry to understand the impact and opportunities offered by this reform. GST will affect all industries, irrespective of the sector. It will impact the entire value chain of operations, namely procurement, manufacturing, distribution, warehousing, sales and pricing.

Practical, inspirational roadmap for becoming a multi-millionaire

All of us want to be successful in life. All of us dream of being rich, of becoming a millionaire — and then a multi-millionaire.

Expert investment consultant and the famous 'Tax Guru' of CNBC- Awaaz, Subhash Lakhotia firmly believes that anyone can become a multi-millionaire. The only condition is that your resolve must be absolutely unshakeable. Nothing can then stop you, whether it be a lack of finances or the absence of a formal educational degree.

Come, dream big — and discover how you can fulfil your dreams . . .

This rousing book combines practical money-making ideas with proven mantras of inspiration, self-discipline, enthusiasm and motivation:

● The path to millions is paved with savings, savings, and more savings
● Quit India! — and become a multi-millionaire
● Never put all your eggs in one basket — easy, sensible ways of spreading your risks
● Buy two, sell one, retain one — profit from this powerful money-making mantra
● Don't expect others to make you rich
● Save tax — but never, never evade taxes
● How to grow rich from the 'New UTI' — the United to Invest strategy
● How to make a killing in real estate by innovative thinking
● Never let your enthusiasm flag — simple, practical ways to pump yourself up when you are down.

So, if you truly want to become rich and successful, and are ready to pursue your dream without ever giving up, pick up this book and read it now — quickly. The inspirational mantras and practical money-making ideas packed inside will guide you unerringly to your goal.
देश में इन्कम टैक्स चुकाने वाले वेतनभोगी लोगों की संख्या बहुत ज्यादा है। उनमें से अधिकतर लोग यह समझते हैं कि टैक्स प्लानिंग का दायरा, जो कि उनके टैक्स के भार को कानूनी और विधिवत् रूप से कम कर सकता है, अत्यंत सीमित है। लेकिन यह सच नहीं है! बल्कि इसके विपरीत, सच यह है कि एक वेतनभोगी इन्कम टैक्स अदाकर्ता अनुलाभों और कुछ अन्य विशेष भत्तों की समझदारी से टैक्स प्लानिंग करके कानूनी तरीके से बड़ी मात्रा में इन्कम टैक्स बचा सकता है और वह भी इतना कि कुछ मामलों में अदा किए जाने वाले इन्कम टैक्स को 50% तक कम किया जा सकता है; तो कुछ मामलों में यह बिल्कुल शून्य भी किया जा सकता है कि उसे चुकाने की जरूरत ही न पड़े क्योंकि विभिन्न अधिसूचनाओं एवं इनकम टैक्स नियमों द्वारा विभिन्न अनुलाभों व भत्तों को प्रदान की गई टैक्स छूट के माध्यम से ऐसा करना संभव है। किंतु इसके लिए उन सभी वेतनभोगियों को सभी अनुलाभों से संबंधित प्रावधानों की विस्तृत जानकारी होना अनिवार्य है जिनमें निदेशक मुख्य कार्यकारी, वरिष्ठ कार्यपालक/अधिकारीगण, कनिष्ठ कार्यपालक अधिकारीगण तथा समस्त कर्मचारी व कामगार शामिल हैं और यही बताना इस पुस्तक का उद्देश्य हैं।
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