how to Save Income Tax in India with My Killer Ideas

Today, I have decided not to pay income tax at any cost but save income tax with honest way because I am very sad that my all friends pay income tax but still development of India is very slow. Still we can see hundrends of orphan children, dirt and polythene raisers in every city of India. On the other side, we get update news of political corruptions everyday. One side unemployment of Indian youths are increasing day by day and other side our crores of income tax have been deposited in Swiss bank by corrupt leaders. All these points has increased my strength for not paying Rs. 1 as  income tax. For this, I have started to read income tax law 1961 again. Following points may be good for you if you also think like me and do for your nation like me in real sense.

My Killer Ideas for Saving Income Tax in India with honest Way :

1st Killer Idea : To Save Income Tax through Salary of Your Employees 

Salary of employees is wonderful tool in your hand to save income tax in India. If you see that your income is taxable, you should appoint more and more employees. Increase your level of business. You will give salary to them. With this, you can show this as your business expenses. Salary expenses is fully deducted from your business. Why do you pay income tax? This income tax is used for paying salary to Govt. employees. But I have seen that some govt. employees do not do the duty honestly and demand bribe. So, I have decided to appoint more and more employees full time and part time to save my all income tax. One side, I can teach to drone employees by this way. First of all, I will appoint employees, if I see that they are drone, I will suspend. Other side, I will create more and more employment. Like this, you can do this for saving income tax.

2nd Killer Idea : Creation of Employees' Accident  Relief Fund

If you appoint your employees on hourly basis on part time, you can appoint large number of employees. When will you call, your employee will come, with this, risk of life of your employee will increase. For securing your employees' risk you can create Employees' Life Risk relief fund. You can transfer the fund out of your business's profit in it. Let me explain this with a simple example

Suppose, you have appointed 10 part time employees. Suppose, you have to pay Rs. 25 per hour  to each employee. Now, when will you call these employees will come. At that time calculate major road accident's cost. Rs. 5 Lakh to Rs. 50 Lakh. If there is injury of brain, there is no limit of its medical cost. But, you can save Rs. 2000 per month for each employee. Suppose at the 10th month, an employee faces road accident when he comes for your duty. At that time, you will have Rs. 2,00,000. With this money you can save the life of your employees by paying his medical charges. No income tax law will reject this. Even, there is no mention in the law. But, it is acceptable. If income tax officer rejects this fund. Convert this fund into salary of your employees. No one can stop you to pay more salary for less work. I love my employees because they are all part of my business building. Never fix the limit of 10 employees. Appoint 1,00,000 employees part time because unemployment is curse  for our society and I have no hope from Govt. for creating new employments but I hope on you. I just started by appointing  3 part time employees for Accounting Education  and soon, I want to go to appoint more part time employees.

3rd Killer Idea : To Create Employees' Depreciation Fund 

Income tax law accepts the depreciation as deductible expenses out of our business's income. But, it has not mentioned  employees as our assets. But as per accounting rule, all employees are the assets of business. So, like any other depreciation, we should also calculate the depreciation for our employees' asset. For example, as per my calculation value of my employee is Rs. 10,00,000 due to his knowledge and skills and benefits to my business and other market valuation. But we all know that life of each person are decreasing day by day. If my employee dies who will suffer loss of this asset. Of course my business. Other employee may need more training for reaching that employee's level. I also know there is no scrap value of any dead body. So, there is no salable value of this dead body. But this is a wonderful asset, when it will die, it is my ethical responsibility to pay per month to their family and to pay the cost of cremation of my dead employee asset. At that time, how can I pay. So, I have to create a account of depreciation for each employee asset.

Suppose, if you charge 10% of dep. on your employee's value Rs. 10,00,000. You can calculate Rs. 1,00,000 for each employee. This depreciation will be deducted from our profits. Our profit will decrease with Rs. 1,00,000 for each employee annually. When same employee will die, we will pay per month pension to his family and also pay for our employee's cremation. If income tax does not accept this, transfer this fund also to the salary of each employee. No one can stop you to pay more to your employee for less work.

{Important Note : Please bookmark this page, soon, I will write new killer ideas for saving income tax in India)


Comments on this Website: 6
Share above Content to Your Friends


access account accountant Accounting accounting definitions accounting ebook Accounting education accounting procedure accounting process outsourcing Accounting Software advance advertising africa Amalgamation amendments announcements Annuity assets audit auditing Australia B.Com. balance sheet bank Bank reconciliation banking basic accounting BBA benefits best bill black money blog bloggers book keeping bookkeeping Branch Accounting - full tutorial budget Budget variance business businessman CA calculator canada capital capital budgeting career cash cash book cash flow statement Chiense children china class coaching coins college commerce commerce students company computer computer accounting conference Contact vinod kumar corporate accounting cost cost accounting cost center cost centre CPA credit credit card cs currency data Debit and credit debit cards debt debtor degree depletion depreciation documents dollar domain Downloads Dubai e-accounting earning education Education Loans email employee EPF ERP euromoney examination excel excise duty expenses facebook factor of loan fans feature fifo FII fiji finacle finance Financial financial accounting fire insurance flickr flow forensic forex formula france fraud free fun function fund GAAP GDP gdr germany gold goodwill goodwill accounting google google apps google apps google base google buzz google calendar Google docs google finance google fusion tables google talk govt. GST guide health Hindi Hindi Language history holding company How to treat FBT in Tally 9 HRA ICAI ICAWI ICICI Bank IFRS income income statement Income Tax India indian railway Indonesia inflation inflation accounting infographics information inspiration insurance insurance accounting interest international Internet Introduction of Tally 9 inventory investment invoice IT Japan Job costing journal entries Kalculate keyboard kindle kuwait laptop law LBT learning lease lecture ledger leducation Leverage Analysis liabilities lifo linkedin loan logical point loss loss of profit M.Com. m.phil malaysia management accounting manual accounting manufacturing account market marketing mastercard material MBA MCA media migration mobile money ms word ms. excel multi currency in tally 9 Multicurrency Accounting mutual fund national security new and sacrifice ratio new york times new zealand news NGO nonprofit-accounting North Georgia Mountains NPV NSE odbc office oman online application online accounting otcei pakistan parents pay pal pdf pie chart pie chart of income pnb podcast ppf presentation price privacy policy prize money prof. vinod kumar profit profit and loss account project management provision purchase puzzles quickbooks Quote quotes quotes of svtuition rating agency ratio analysis RBI readers real estate rectification of errors remote control reports reserves responsibility accounting retirement revenue Revenue reserves review risk rupees salary sale saudi arabia saving sbi scholarship school SEBI security service tax share share trading Shares shri lanka singapore sms social accounting society solution South Africa stock stock exchange structure student students study subsidiary company svtuition swiss bank tally tally 9 Tally 7.2 Tally 9 Tally.ERP 9 tanzania tax Tax Accounting TDS teacher teaching technology test testimonial testimonials thailand tips trading trading on equity transaction trend trial balance tuition twitter UAE UGC - NET Commerce UK United Arab Emirates university usa valuation VAT Video Voucher and vouching wikipedia working capital youtube
Accounting Education: how to Save Income Tax in India with My Killer Ideas
how to Save Income Tax in India with My Killer Ideas
Accounting Education
Not found any lecture VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES Lectures View All RECOMMENDED FOR YOU Category ARCHIVE SEARCH ALL Lectures Not found any lecture match with your request, please help to write it and send it to our email at for making this website free accounting and finance encyclopedia. Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS CONTENT IS PREMIUM Please share to unlock