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How to avoid taxes on bank deposit? |
how can i deposit 3 lacs on fixed deposit in bank and avoiding at maturity all taxes.People told me to put them by little amount in many banks in many FD opened not on the same day.....Can you give me details about that ? You can not conceal the income because its recorded in Bank. The best way is the investment in certain specified things to take the deduction. Avoiding tax by legal means should be though and not avoiding by all means which will put you more in problem because there is both penalty and prosecution mechanism under I T Act. put your money in an swiss bank consult a ca If you want to avoid taxes on bank deposit just give them a little intrest. just read Section 80 of the Income Tax Act, you will get a clear cut idea. or consult a CA or CA student(for free consultation!!!) Income Tax Act |
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