what is tax planning in india
As a taxpayer in India there is a wide array of tax-saving instruments and schemes you can avail to reduce your tax burden. So if you think that you pay too many taxes and want to curtail them then you need to go for proper tax planning.
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Tax Planning is an activity conducted by the tax payer to reduce the tax liable upon himher by making maximum use of all available deductions allowances exclusions etc.
. Tax plannings importance is evident in the amount of money that can be saved by taking steps to minimize the tax burden. Income Tax Planning For Salaried Employees in India. New tax regime slab rates are not differentiated based on age group.
Tax Planning - Importance and Benefits of Tax Planning. This is because the Income Tax Department and especially the Income Tax. Tax Planning allows a taxpayer to make the best use of the different tax exemptions deductions and benefits to minimize his tax liability each financial year.
However Income Tax in India is governed by numerous direct and indirect factors that can seem complex without a basic understanding. Tax planning is an activity that enables you to reduce your tax liability. Financial Plan 360.
It is required to obtain a PAN and TAN and file an annual return of income. However the need for careful strategic tax planning remains from beginning to end. It is one of the most basic yet integral parts of the financial plan and it helps you save your capital.
However this is not its sole objective. In India almost every university has included this subject in the syllabus of post graduate levels of study. However in the 401K plan.
Corporate tax planning is a specific and specialized area where the students may acquire knowledge on the subject. Tax planning is a focal part of financial planning. One of the most important features of tax planning is that it is completely in-line with the legal and financial rules set by the Government of India.
It is one of the main problems faced in India. Taxes in India are levied by the Central Government and the State Governments. This is done by legitimately taking advantage of all tax.
Efficient tax planning enables us to reduce our tax liability to the minimum. In India the employer contribution and the employee contribution to EPF is tax free in the hands of the employee. The objective of tax planning is to make sure there is tax efficiency.
Tax planning can be referred to the act of planning an individuals finances in such a way that the payable tax amount is reduced while the gains are maximized. Those steps will change as a business grows or a person advances in a career. The objective behind tax planning is insurance of tax efficiency.
The primary concept of tax planning is to save money and mitigate ones tax burden. Examples of Beneficial Tax Planning Strategies. Tax planning is a significant component of a financial plan.
In other words it is the analysis of a financial situation from the taxation point of view. They get the tax refunded by making misrepresentation before the tax authorities. The use of tax payers is to guarantee tax effective.
People evade tax through illegal and unfair means. Tax planning is a legal way of reducing income tax liabilities however caution has to be maintained to ensure that the taxpayer isnt knowingly indulging in tax evasion or tax avoidance. They may claim lesser profit gains or turnover than the actual.
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. The Tax system is an important subject to study. Corporate tax in India planning differs from non-payment or tax evasion.
It ensures savings on taxes while simultaneously conforming to the legal obligations and requirements of the Income Tax Act 1961. The best way to save tax for a salary above 15 lakhs is to opt for the old tax regime and claim all the available deductions and exemptions on tax-saving investments. Tax planning is the logical analysis of a financial position from a tax perspective.
However if its turnover is up to INR 4000 mn in FY 2017-18 then the applicable rate of tax is 25. There are numerous ways in which we can save our taxes. Alternatively you can follow the new tax regime to file your income tax return.
Tax planning is an essential part of our financial planning. 187500 30 of total income exceeding 1500000. Read to know more about the various types of direct tax and indirect tax in this article.
The taxation in India can be broadly classified into two types - direct tax and Indirect tax. Tax planning is the process of analysing a financial plan or a situation from a tax perspective. Taxes are undoubtedly great but they are a toll for those who have a lot of responsibilities.
A company incorporated in India is treated as a tax resident of India and is taxed 30 on its global income. However under old tax regime the basic income threshold exempt from tax for senior citizen aged 60 to 80 years and super senior citizens. With the help of tax planning one can ensure that all elements of a financial plan can function together with maximum tax-efficiency.
262500 30 of total income exceeding 1500000. Tax-Saving Options and Relevant Deductions. To know more about income tax read on.
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