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Novel Ideas on Tax Planning

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Author(s)

Avadhesh Ojha, Manoj Gupta, Nisha Bhandari, Shrikant Ojha

Publisher

Tax Publisher

ISBN

Edition

2017

Pages | Format

Approx. Product Size

Note : The book "Novel Ideas on Tax Planning" contains 177 chapters.

Preface

The need for and importance of tax planning such as is legally legitimate, cannot be over-emphasized. Various books have appeared from time to time with a view to cashing on in the name of the very attractive and much desired title of Tax Planning, so much so that the readers get confused about the very justifiability of most of the available Tax Planning titles. The matter of fact however is that, while there is a large number of publications in the name of Tax Planning, the readers will find that the present is the only one currently available, which may be said to be adhering fully, purposefully and objectively to its title name.

While other books on Tax Planning would just deliver some commentaries on particular tax topics, Novel Ideas on Tax Planning devotes itself to Planning Ideas, Planning Hints, Planning Possibilities, Planning Opportunities and even some Planning related Critical Compliances as they come by. The subject matter is divided in as many as thirteen Parts comprising 177 Chapters in all. These are as under :

Part A

Tax Planning--Introduction

Part B

Plannings in Respect of Particular Tax Entities

Part C

Income Tax Plannings for Professionals and Industries

Part D

Plannings Vis-a-Vis International Transaction

Part E

Plannings Vis-a-Vis Salary Income

Part F

Plannings with Respect to House Property Income

Part G

Plannings With Respect to Business Income

Part H

Capital Gains Specific Plannings

Part I

Plannings with Respect to Other Sources Incomes

Part J

Miscellaneous & Residual Income Tax Planning Possibilities

Part K

Plannings Via Business Reorganisations

Part L

Dealing With and Avoidance of Penalty/Prosecution Proceedings

Part M

Planning Investments

The nomenclature of the Parts are inclusive and representative enough, to be able to provide appropriate measure of the contents thereunder or therein, as well as the expectations therefrom. They are as a matter of fact also reasonably self-explanatory.

The present book is fully updated in the light of the amendments brought about by the Finance Act, 2017 as well as the case law as available to us till the date and helpful for the taxpayers in planning perspective. Apart from it all the Circulars, Notifications or Instructions which may provide any guidance to the taxpayers in reducing their tax liabilities have also been incorporated at the relevant place so as to make the book all the more useful and practical from tax planning angle.

The feature of providing regular updates regarding significantly important Case Laws, Circulars, Notifications, etc., pertaining to the subject matter of this book, through URL mentioned on page (iii) of the Book, is an icing on the cake. This service is to be provided till December 2017 for the readers of the book and is approachable via a reader specific code provided on page (iii) in the opening pages.

We have done the best we could do. However, possible improvements in future editions, apart from our own efforts, can come from the feedback from our readers. We have benefitted therefrom in the past in case of all our products and our sincere hope is that we shall continue to do so even hereafter.

Chapter No	Chapter name
PART: A	TAX PLANNING--INTRODUCTION
Chapter: 1	Tax Planning Principles
Chapter: 2	Legal and Conceptual Basis of Tax Planning
Chapter: 3	Planning Via Diversion of Income by Overriding Title
Chapter: 4	Planning Based on Real Income Theory
PART: B	PLANNINGS IN RESPECT OF PARTICULAR TAX ENTITIES
Section: I	Tax Planning for Individuals
Chapter: 5	Planning Via Transferring Funds to Minor
Chapter: 6	Planning for Spouse
Chapter: 7	Planning for Daughter-in-Law
Chapter: 8	Planning for Senior and Very Senior Citizens
Chapter: 9	Planning Via Will
Chapter: 10	Post Death Planning Possibilities
Chapter: 11	Plannings Via Gift
Chapter: 12	Avoiding Addition on Account of Gift
Section: II	Plannings for HUFs
Chapter: 13	Problem Areas in HUF Specific Plannings
Chapter: 14	Planning Creation of an HUF
Chapter: 15	Planning for Running of HUF Business
Chapter: 16	Planning for Marriage of Daughters of Family
Chapter: 17	Planning Via Gift of HUF Assets and Incurring of Expenses
Chapter: 18	Planning Through or Via Partition of HUF
Chapter: 19	Planning Via Reunion of Members
Chapter: 20	Planning Via Family Settlement
Chapter: 21	Planning Via Diversion of Property/Income
Chapter: 22	Planning Via Section 10(2), Income Tax Act
Section: III	Plannings for Partnership Firms
Chapter: 23	Firms and Partners--Statutory Background
Chapter: 24	Avoidance of Possibility of Single Assessment in Case of Identical Firms
Chapter: 25	Having Two or More Partnership Firms With Same Partners
Chapter: 26	Proper Drafting of Partnership Deed
Chapter: 27	Planning Formation of Appropriate Partnership Firm
Chapter: 28	Planning Vis-a-Vis Size of Firm
Chapter: 29	Planning Vis-a-Vis Constitution of Firm
Chapter: 30	Planning Vis-a-Vis Capital Outlay
Chapter: 31	Remuneration Planning for Partnership Firms
Chapter: 32	Planning Proper Quantification of Remuneration to Partner
Chapter: 33	Planning Proper Interest Rate for Partners
Chapter: 34	Planning Via Dissolution of Partnership
Chapter: 35	Planning for Avoiding Rigour of Section 45(4) in Case of Distribution of Assets on Dissolution of Firm
Chapter: 36	Planning Via Retirement of Partners by Paying them Revaluation Amount
Chapter: 37	Planning in Respect of Amount Received by Assessee on Retirement from Partnership
Chapter: 38	Retiring Partner Taking Money Towards his Share in Case of No Distribution of Assets
Chapter: 39	Residual Miscellaneous Plannings in Relation to Partnership Firm
Chapter: 40	Plannings Via Body of Individuals
Chapter: 41	Plannings Via Association of Persons
Section: V	Planning for Companies
Chapter: 42	Company as Preferred Tax Entity
Chapter: 43	Planning for Proper Capital Structure of Company
Chapter: 44	Planning Via Subsidiary Company
Chapter: 45	Planning for Set Off of Accumulated Losses of Closely Held Companies
Chapter: 46	Planning for Managerial Remuneration
Chapter: 47	Miscellaneous Corporate Tax Planning
Chapter: 48	Plan to Avail of Option Relating to Lower Rate of Tax
Chapter: 49	Planning for Reducing MAT Liability
Chapter: 50	Plan to Avail Tax Credit in MAT Cases
Chapter: 51	Planning With Regard to Deemed Dividend
Chapter: 52	Payment of Dividend Distribution Tax by Companies
Chapter: 53	Trust as Tax Planning Medium
Chapter: 54	Status of Trust for Assessment
Chapter: 55	Planning Via Specific Trusts
Chapter: 56	Planning Via Discretionary Trusts
Chapter: 57	Planning in Respect of Business Trusts
Chapter: 58	Miscellaneous Plannings Via Trusts
Chapter: 59	Planning Via Trusts having Charitable Purpose
Chapter: 60	Planning Via Public Charitable Trust
Chapter: 61	Planning as to Get Trust Registered as Charitable Trust
Chapter: 62	Planning Via Corpus Donation
Chapter: 63	Planning Regarding Business Income of Charitable Trust
Chapter: 64	Planning Regarding Anonymous Donation
Section: VII	Co-operative Societies Specific Plannings
Chapter: 65	Planning for Co-operative Societies
Chapter: 66	Planning Vis-a-Vis Co-operative Housing Society
Section: VIII	Planning for Non-Residents
Chapter: 67	Planning Via Residential Status and Nationality
Chapter: 68	Exemptions Specific to Non-Residents and Foreigners
Chapter: 69	Planning Regarding BPO Units
Chapter: 70	Planning for Investments in Bonds/Shares, Securities, Units, Global Depository Receipts of Indian Company
Chapter: 71	Planning Via Chapter XII-A Provisions
Chapter: 72	Plannings in Relation to Business Income of Non-Residents
Chapter: 73	Planning Regarding Supply of Capital Equipment by Non-Residents
PART: C	INCOME TAX PLANNINGS FOR PROFESSIONALS AND INDUSTRIES
Section: IX	Plannings for Professionals
Chapter: 74	Plan to Opt for Presumptive Taxation Scheme Under Section 44ADA
Chapter: 75	Plannings for Doctors
Chapter: 76	Plannings for Engineers and Architects
Chapter: 77	Plannings for Advocates and Chartered Accountants
Section: X	Planning for Industries
Chapter: 78	Planning for Industries at Formative Stage
Chapter: 79	Planning for Industries Via Capitalisation of Expenses
Chapter: 80	Investment Allowance
Chapter: 81	Availing of Tax Incentives Vis-a-Vis Capital Expenditure Incurred on Certain Projects
Chapter: 82	Planning for Growth and Expansion of Industries
Chapter: 83	Availing of Location Specific Tax Benefits
Chapter: 84	Availing of Business Specific Tax Incentives
PART: D	PLANNINGS VIS-A-VIS INTERNATIONAL TRANSACTION
Chapter: 85	Looking for Benefits from Double Tax Avoidance Agreement
Chapter: 86	Setting Up of and Tax Planning Via Joint Ventures
Part: I	Planning as regards to setting up of joint venture
Chapter: 87	Drafting Foreign Collaboration Agreements
Chapter: 88	Dealing With Transfer Pricing Provisions
PART: E	PLANNINGS VIS-A-VIS SALARY INCOME
Chapter: 89	Planning Regarding Executives/Employees Pay Package
Chapter: 90	Opting House Rent Allowance or Rent Free Accommodation
Chapter: 91	Planning for Medical Benefits to Employees
Chapter: 92	Planning for Retirement Benefits to Employees
Chapter: 93	Planning for Offer of Stock Options to Employees
PART: F	PLANNINGS WITH RESPECT TO HOUSE PROPERTY INCOME
Chapter: 94	Possibilities Vis-a-Vis Tax Benefits Available in Respect of Property Income
Chapter: 95	Planning for Acquiring Property
Chapter: 96	Planning for Occupying and Using Property
Chapter: 97	Planning in Relation to Disposal of Property
PART G	PLANNINGS WITH RESPECT TO BUSINESS INCOME
Chapter: 98	Plannings Via Waiver of Loan
Chapter: 99	Depreciation Planning
Chapter: 100	Plannings in Respect of Payment for Expenditure in Cash
Chapter: 101	Dealing With Restrictive Provisions of Section 43B
Chapter: 102	Planning in Respect of Claim of Certain Expenses and Deductions
Chapter: 103	Planning As to Avoiding Disallowance for Want of TDS
Chapter: 104	Planning in Respect of Acceptance or Repayment of Deposit or Loans or Specified Sum
Chapter: 105	Plan to Avoid Any Cash Receipt of Rs. 2,00,000 or More
Chapter: 106	Plan to Opt for Presumptive Scheme
PART: H	CAPITAL GAINS SPECIFIC PLANNINGS
Chapter: 107	Plannings Based on Provisions as to Chargeability of Capital Gain
Chapter: 108	Planning Possibilities Vis-a-Vis Profits and Gains from Insurance Claim Against Damages or Destruction of Capital Asset
Chapter: 109	Planning Possibilities Vis-a-Vis Conversion of Capital Asset into Stock-in-Trade
Chapter: 110	Plannings Via Contribution of Capital Asset to Firm/AOP/BOI
Chapter: 111	Plannings Via Transfer of Capital Asset on Dissolution of Firm/AOP/BOI
Chapter: 112	Planning Possibilities Vis-a-Vis Compulsory Acquisition of Property
Chapter: 113	Availing of Benefit of Exemption of Capital Gains on Compensation in Lieu of Compulsory Acquisition of Agricultural Land Situated Within Specified Urban Limits
Chapter: 114	Gains from Transfer of Specified Capital Asset [Section 10(37A)]
Chapter: 115	Plannings Via Distribution of Assets by Company in Liquidation
Chapter: 116	Plannings Via Transfer of Mortgaged Property
Chapter: 117	Plannings Based on Nature of Capital Assets
Chapter: 118	Plannings Via Personal Effects, Etc.
Chapter: 119	Plannings in Respect of Time and Various Modes of Transfer
Chapter: 120	Plannings With Respect To Capital Gain Arising on Transfer of Agricultural Lands
Chapter: 121	Planning Vis-a-Vis Capital Gains Liability Arising From Transfer of Depreciable Assets
Chapter: 122	Plannings Vis-a-Vis Expenditure on Transfer
Chapter: 123	Plannings in Relation to Indexation of Cost of Acquisition
Chapter: 124	Residual Miscellaneous Capital Gains Planning
Chapter: 125	Claiming Exemption of Capital Gains on Transfer of Residential House
Chapter: 126	Plannings Via Exemption of Capital Gains on Transfer of Land for Agricultural Purposes
Chapter: 127	Planning Vis-a-Vis Exemption of Capital Gains on Compulsory Acquisition of Land and Building Forming Part of Industrial Undertaking
Chapter: 128	Availing of Exemption Under Section 54EC--Investment in Specified Bonds
Chapter: 129	Deduction of LTCG Arising from Transfer of Long-term Asset Where Investment Made in Units of Specified Fund [Section 54EE]
Chapter: 130	Availing of Exemption of Capital Gains on Transfer of Capital Asset Other than Residential House
Chapter: 131	Availing of Exemption of Capital Gains on Shifting of Industrial Undertaking from Urban to Rural Area
Chapter: 132	Availing of Exemption of Capital Gains on Transfer of Assets in Case of Shifting of Industrial Undertaking from Urban to Special Economic Zone
Chapter: 133	Availing of Exemption of Capital Gains from Transfer of Residential House in Certain Cases
Chapter: 134	Availing of Extension of Time for Acquiring New Asset or Depositing or Investing Amount of Capital Gains
Chapter: 135	Planning Via Capital Gains Accounts Scheme, 1988
Chapter: 136	Planning for Income from Other Sources
Chapter: 137	Planning to Avoid Liability Under Section 2(22)(e)
Chapter: 138	Plan to Avoid Addition on Account of Cash Credit and Income from Undisclosed Sources
PART: J	MISCELLANEOUS & RESIDUAL INCOME TAX PLANNING POSSIBILITIES
Section: XI	Contesting Adverse TDS & TCS Proceedings
Chapter: 139	Meeting Out TDS Obligations
Chapter: 140	Looking for Payments Not Requiring Deduction of Tax at Source
Chapter: 141	Precautions Before Making Payment to Non-residents
Chapter: 142	Meeting Out Obligation to Collect Tax at Source
Section: XII	Planning Vis-a-Vis Search, Seizure & Survey
Chapter: 143	Facing Income Tax Raids
Chapter: 144	Planning During Search Operation
Chapter: 145	Handling Issues During Search Assessment Under Section 153A
Chapter: 146	Facing Income Tax Surveys
Chapter: 147	Planning Vis-a-Vis Losses
Chapter: 148	Plannings for Land Developers and Colonizers
Chapter: 149	Plannings for Agricultural Income
PART: K	PLANNINGS VIA BUSINESS REORGANISATIONS
Chapter: 150	Planning Availment of Benefits of Amalgamation and Demergers
Chapter: 151	Availing of Benefit from Relaxation from Capital Gains Taxation in case of Amalgamation and Demerger
Chapter: 152	Planning Availment of Benefit of Carry Forward and Set off of Losses Through Business Reorganisation
Chapter: 153	Planning for Amalgamation of Two Firms
Chapter: 154	Planning Conversion of Firm into Sole Proprietorship
Chapter: 155	Planning Conversion of Firm into Company by Transfer as Going Concern
Chapter: 156	Planning Conversion of Company into LLP
Chapter: 157	Planning Availment of Benefit of Exemption from Capital Gains Tax under Section 47(xiii)/(xiv)
Chapter: 158	Planning Conversion of Firm into Company Via Company Law Provisions
Chapter: 159	Planning Business Reorganisation of Co-operative Banks
PART: L	DEALING WITH AND AVOIDANCE OF PENALTY/ PROSECUTION PROCEEDINGS
Chapter: 160	Planning for Escapement From Penalties--General
Chapter: 161	Planning to Avoid or Reduce Penalty for Underreporting of Income
Chapter: 162	Planning for Avoidance of Penalty in Search Cases
Chapter: 163	Planning to Avoid Penalty Under Section 271AAC
Chapter: 164	Planning to Avoid Penalty Under Sections 271D, 271DA and 271E
Chapter: 165	Contesting Prosecution Proceedings
PART: M	PLANNING INVESTMENTS
Chapter: 166	Role of Income Tax Provisions in Investment Planning
Chapter: 167	Investment in Post Office Schemes
Chapter: 168	Investment in Kisan Vikas Patra
Chapter: 169	Investment in Land, Building and Other Assets
Chapter: 170	Investment in Public Provident Fund (PPF)
Chapter: 171	Investment in Sukanya Samriddhi Account
Chapter: 172	Investment in Bank Deposits Eligible for Tax Benefits
Chapter: 173	Investment in Deposit Schemes for Government and PSU Employees
Chapter: 174	Investment in Senior Citizens Savings Scheme
Chapter: 175	Investment in 8% Saving (Taxable) Bonds, 2003
Chapter: 176	Investment in Insurance Policies
Chapter: 177	Investment in Mutual Funds and Equity Linked Saving Schemes