Tax Planning

  2. Tax Planning

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Tax planning is the analysis of one’s financial situation from a tax efficiency point of view so as to plan one’s finances in the most optimized manner. Tax planning allows a taxpayer to make the best use of the various tax exemptions, deductions and benefits to minimize their tax liability over a financial year. Tax planning is a legal way of reducing income tax liabilities; however caution has to be maintained to ensure that the taxpayer isn’t knowingly indulging in tax evasion or tax avoidance.

In India, there is a number of tax saving options for all taxpayers. These options allow for a wide range of exemptions and deductions that help in limiting the overall tax liability. The deductions are available from Sections 80C to 80U and can be claimed by eligible taxpayers. These deductions are made against the quantum of tax liabilities. There are various other sections under the Income Tax Act, 1961 that can reduce your tax liabilities such as exemptions and tax credits.

When tax planning is done inside the frameworks defined by the respective authorities, it is fully legal and in fact a smart decision. However, using shady techniques to avoid tax payments is illegal and you may get into trouble for doing so. Tax saving practices includes tax avoidance, tax evasion and tax planning. Out of this tax planning is the only legal manner of reducing your tax liabilities. The government offers the different opportunities to save on taxes with the intention of reducing tax burden on a taxpayer through legal income tax planning methods.

  • Advantages of Tax Planning

  • Spread the taxable income among various members in your family.

  • Take full advantage of tax exemptions available under the law.

  • Take full advantage of permissible tax deductions and rebates available on stipulated tax-saving investments.

  • Make optimum use of tax-exempted incomes.

  • Simple tax planning is smart tax planning

  • Planning your income may or may not be a difficult question to answer but Tax Planning has been something which many people have found out to be very difficult. We rush to our CA's at the end of our financial yeas so that he can guide us as to where can we invest so that we can save maximum amount of tax.
    There are many parameters that we need to take into consideration while planning for our tax as the benefit is going to be received by the government. We will not advise you to skip and not pay your tax because at the end of the whole thing is that who will be the sufferer amongst this it is we and this is a crime to not to pay your tax. But a proper planning is what is required. We have to compare the advantages of several tax saving schemes and depending upon your age, social liabilities, tax slabs and personal preferences, decide upon a right mix of investments, which shall reduce your tax liability to zero or the minimum possible.
    Every citizen has a fundamental right to avail all the tax incentives provided by the Government. Therefore, through prudent tax planning not only income-tax liability is reduced but also a better future is ensured due to compulsory savings in highly safe Government schemes. We sincerely advise all our readers and clients to plan their investments in such a way, that the post-tax yield is the highest possible keeping in view the basic parameters of safety and liquidity.