Tax Planning

Terms tax planning refers to the optimization of all transaction performed by the tax payers within one financial year and then person calculate the amount he is going to pay to income tax department as income tax. A structured planning of tax makes plenty of things like point about tax exemption along with other tax saving options in that particular financial year. This is completely valid process that makes things much convenient as far as tax related fact is concern. So it is important to know about this type of plans to save your income tax so that you can easily complete your tasks.


Income Tax Planning in India

As far as Indian income tax department policy is concern is absolutely based on the constitutions of India. As government change the policy as per time demand to keep the system absolutely tight. As in India, there is several tax saving options for all tax payers that they can use to save their tax. If someone is using these facilities then they can keep themselves out of their tax related liabilities. As per rules of income tax department of India, individual or any organization may get exemption in tax under section 80c of department. Complete information about this policy is described in income tax act 1961 that allow tax payers to save their tax as per their eligibility.

If someone plan their tax in a certain criteria and following the guideline of any expert of this field then it will be easy for them to save their valuable tax. This is smart approach and legal too to make your tax payment much easier and robust. As it can be said that this is the only way to plan your tax saving without any legal threat and suspicious activity.


Corporate Tax Planning

If any company or agency wants to save their tax and tax related liabilities then they must follow the process as per their transaction and must look for the rule through which you can save their tax. Some common tasks such as office expanses, health insurance for employee, business transport, child care, and child liabilities, social awareness related donation or any donation or funding regarding charity will help company to reduce their tax burden in legal way. A proper tax planning helps in helps in following conditions:

1. It helps you in legal tax planning without any violation of law.
2. It is helpful in disclosing exact information when it comes to tax deposits.
3. Tax planning must be as per corporate tax planning provision so that you can easily handle them in near future.
4. It helps to handle all tax deposit related issues in legal manner without any complication.

As revenue of company will increase then their tax related liabilities will increase, in that case they will need sufficient time to plan their tax amount. If company plan their expanses like sales, marketing cost, capital budget and other possible expanses in structured way then they will be able to save their direct and indirect taxes along with applicable cess as per company transactions.


Types of Tax Planning

1. Short term and Long Term Tax Planning: This type of planning is valuable in ending and beginning of financial year.
2. Purposive Tax Planning: This type of planning is important in case of particular tax saving plan in case of specific target.
3. Permissive Tax Planning: Plan that follows all the legal process and never violates any policy as per income tax.


Major Objective of Tax Saving

1. Productive investment
2. Reduction in overall tax liability.
3. Minimization of litigation.
4. Growth of economy
5. Financial Stability.

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