abhishreshthaa
Abhijeet S
Definition:
Considering the tax implications of individual or business decisions throughout the year, usually with the goal of minimizing the tax liability.
Tax Planning in India is a basic duty of every person paying income tax, which should be followed diligently. Tax planning in India involves the selection of the right tax saving instruments and making proper investments.
The amount of the tax to be paid is calculated on the nature of investments made, income earned, and the quantum of other incomes like salary, rent from property, interest etc.
There are many deductions and exemptions applicable on the net taxable amount, depending upon the source of income. To take advantage of these facilities tax planning is necessary.
Moreover, the annual budget of the government should be taken into consideration before planning as tax plans are often changed.
Considering the tax implications of individual or business decisions throughout the year, usually with the goal of minimizing the tax liability.
Tax Planning in India is a basic duty of every person paying income tax, which should be followed diligently. Tax planning in India involves the selection of the right tax saving instruments and making proper investments.
The amount of the tax to be paid is calculated on the nature of investments made, income earned, and the quantum of other incomes like salary, rent from property, interest etc.
There are many deductions and exemptions applicable on the net taxable amount, depending upon the source of income. To take advantage of these facilities tax planning is necessary.
Moreover, the annual budget of the government should be taken into consideration before planning as tax plans are often changed.