This book provides tips to general taxpayers on saving tax in a rightful manner and avail appropriate deductions on their income. Written in a simple and lucid language, the book captures important topics spread over 74 chapters related to tax deduction, payment of taxes and saving money. It comprehensively covers topics such as how to divert income to avail tax deductions, how to take advantage of tax provisions to save tax, for example, paying advance tax, creating emergency funds, how to avoid double taxation on transfer of immovable property among other things. It also discusses procedure for formation of a Limited Liability Partnership (LLP), Equity Linked Savings Scheme and Income-tax Planning, and Tax Advantage of Joint Purchase of lmmovable Property.
Notable legislative amendments relating to the Finance Act, 2016 have also been incorporated and discussed at relevant places. By understanding tax implications, the book will benefit every individual person, women, students, senior citizens, Hindu Undivided Family (HUF), Association of Persons (AOP), Body of Individuals (BOI), corporate firms, companies, local authorities and all other juridical persons that generate income.