Tax planning case study india. Priyanka, a retired Indian resident, earned Rs.

Tax planning case study india Further, the incidence of tax planning is so crucial to the managerial case irrevocable) may be used for succession planning and planning around the potential levy of estate duty. Susan Wood has come to you, a CFP® professional, for help in developing a plan to accomplish her financial goals. Purposive Tax Planning: The tax strategies aim at achieving specific financial goals such as investing in shares or buying a new phone. The tax team went for a two-track approach: 1. 1 Introduction to Income Tax 5 1. If total income of such individual does not exceed Rs. Part B: Customs Laws, Goods and Service Tax* (70 Marks) Customs Law 1. Let’s learn a little bit about each couple and how tax planning can be beneficial in this case study. So, it is illegal. It includes an acknowledgement, certification from the guide, and introduction. X (ROR and age is 67 years) during the PY 2019-20 has a rental income from a house in Delhi Rs. 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. Tax avoidance involves engaging in transactions primarily aimed at reducing tax liability, often through artificial or contrived means. Tax planning is essential for High-Net-Worth Individuals (HNIs) in India, but several common mistakes can hinder effective strategies. Tax planning is not tax avoidance but saving tax without violating any legal rules. Tax planning is arrange financial affairs in such a manner that without breaking up Sep 23, 2021 · In the case of McDowell and Co. All the important areas of tax planning connected with the foresight of tax management included in the various study lessons, call for analytical application by the students and require thorough knowledge of the provisions of tax and case laws. 9bn acquisition of Indian mobile operator, Hutchison Essar, in 2007. Period of the study opted was 1984-85 to 1997- 98. Shreya, an employee in India, was not properly planning her taxes and ended up owing Rs. Apr 24, 2024 · Tax evasion continues to be an immense challenge in India, that weakens the country’s economic integrity and affects its revenues. 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 . This case involved the levy of service tax on the charges collected by the respondent for supplying pipes and measuring equipment to its customers for the distribution of Jun 1, 2020 · For present purposes (i. 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: Settlement of Tax Cases; Chapter 20: Penalties; Chapter 21: Offences and Prosecution Mar 12, 2024 · 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. 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. Tax Planning Case Study Couple No. It has 10 shareholders who are foreign citizens and non-resident in India. In the previous installment, Part 44, I went through a number of general tax planning ideas, and I promised another post to introduce an Excel Sheet, I created to help me with my tax planning. Mar 20, 2021 · The case of Jain Brothers v. In India almost every university has included this subject in the syllabus of post graduate levels of study. Jan 31, 2010 · Tax System Reform in India: Six Case Studies and Policy Implications. 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). Infosys and SEZ Benefits Infosys' use of SEZ incentives has been a cornerstone of its tax strategy. 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. Introduction Special Features of Indirect Tax Levies - All Pervasive Nature, Contribution to Government Revenues; In India, income-tax contributes up to 52. 13. 25,000, whichever is less. Despite the constant efforts of the government to improve tax compliance and broaden the tax base, tax evasion still exists. By: Singhania, Vinod K [author] Contributor(s): Singhania, Monica [author] Material type: Text Language: English Publication details: New Delhi : Taxmann, 2022. Module 4: Tax planning and managerial decisions: Tax planning in respect ofmake or buy, own or lease, repair or replace, export or domestic Aug 30, 2022 · Indeed, after presenting the theoretical framework of the notion of tax planning, we will discuss the main theoretical and empirical sources that have attempted to model and estimate the extent of Keywords Tax, Tax saving Instruments, Tax Planning, Tax Management, Tax Evasion and Tax Avoidance TAX PLANNING: AN INTRODUCTION In other words all arrangements by which the tax is saved by ways and means, which comply with the legal obligation and requirements and are not colorable devices or tactics to meet the letters of law but not the The Tax Department states that the CGP share transfer transaction triggers the transfer or transfer of indirect assets in India. 11000 in foreign taxes. 2 Case studies. To study the scope for Tax Planning with respect to Individual Assesses for housing loan. Tax Planning in respect of income from house property, capital gains and income from other sources • Computation of income from House Property; Permissible deductions; identifying areas of tax planning based on tax implications’ case studies Summarized provisions relating to computation of Capital Gains and tax liability; Nov 25, 2020 · Tax exemption on investment and current reforms in tax structure has been on the agenda in many types of research (Banerji et al. DDT under tax treaties 1 ABC Co F Co t d India Govt DDT Treaty rate 15%. To understand various tools and techniques for tax planning. Understanding the Tax Landscape for HNIs. 4 Jun 1, 2020 · MNEs are able to plan their tax affairs by using a multitude of strategies to reduce their tax legally, which is known as “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. 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. Aug 31, 2022 · 1. Real-life examples and case studies offer valuable insights into retirement planning. We’re going to kick off this tax planning case study with Sam and Samantha. It’s crucial to consult tax professionals to ensure that tax planning strategies are both effective and legal. vs. Tax Planning Case Study: Tax planning is the process of financial management which is aimed to organize the individual or the company’s budget in such a way to be able to pay all the taxes on time. The SC also said that the subject matter of the transaction was the transfer of CGP Aggressive Tax Planning and Corporate Tax Avoidance: The Case Study foreign investor into India at 25% of total foreign investments in India for the year 2010 The document is a student project on income tax planning in India. Ltd. 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 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. To understand various investment avenues used by different assessee for tax planning. Ltd vs. Income Tax Law, Practice and Tax Planning -I 3 CONTENTS MODULE 1 1. 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. This site is designed to continue to build the relationship and dialogue between PwC and the academic community by posting thought leadership, printable case studies, white papers, technical updates, case studies, as well as new information on PwC faculty programs. But in case of tax avoidance, tax liability is minimized by taking the advantages of existing loopholes in tax rules. Oct 29, 2024 · Common Mistakes to Avoid When Tax Planning for HNIs in India. for the assessment year 2022-23. 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. , 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. Indian and Fidler and the Boehringer Ingelheim team kicked off their tax operating model redesign. 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. Chapter 14: Tax Planning, Tax Avoidance & Tax Evasion; Module 3. The types of tax planning are: Permissive Tax Planning: This type involves using all the exemptions and deductions, available under tax laws to legally minimise tax liabilities. business andprofession, Capital Gains and Income from other sources – Tax planning withrespect to deductions, exemptions, Rebate, Relief, Concession and incentives(P roblems focused on tax planning). This study focuses on professional help and advice for Apr 10, 2021 · India’s individual or personal income tax has become complex over the years. Find out the residential status of X Ltd. Efficient tax planning enables us to reduce our tax liability to the minimum. Existing the loopholes of tax laws are also the cause of tax evasion and tax avoidance. ” (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. From your initial meeting together, you have gathered the following information. 28% to the total tax revenue of the central government. Corporate tax is paid on the net profit made from business by corporations. Data is collected from past record that means history. It comprises various elements and branches thereof including the taxation of payroll or salaries, interest, dividends and capital gains, estate and wealth tax, inheritance and gifts. It might involve putting appropriate wills in place to protect your family, thinking about how your family will manage without your income should you fall ill or die prematurely Jul 28, 2020 · The manufacturer, by way of an arrangement, masking the true nature of the transaction while enjoying the use of such income, was nothing more than a ‘colourable device’ adopted by the manufacturer to avoid the sales tax/ to lessen the liability of sales tax. phptbz fadj pjkn wrltv aqnpd rqko sncbjow lwgiwzo vqbso vsgkgwzj duqcdtm mnutiz vpvhpfvjm iemc zahdhpu