Tax Planning
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..
Advantages of tax planning
Reduce Tax Liabilities:
Every taxpayer wishes to reduce their tax burden and save money for their future. You can reduce your payable tax by arranging your investments within the various benefits offered under the Income Tax Act, 1961. The Act offers many tax planning investment schemes that can significantly reduce your tax liability.
Leverage Productivity
One of the core tax planning objectives is channelising funds from taxable sources to different income-generating plans. This ensures optimal utilisation of funds for productive causes.
Ensure Economic Stability
When you plan your taxes, you still pay what you owe to help the country’s development. Additionally, you can plan your finances and avoid worrying about last-minute tax deductions at source towards the end of the financial year.
What we would do for you
We will listen you first, understand the current situations and commitments you have, your income structure, and tailor a plan best for you, review the plan as the period progress, and make necessary changes required if and help to reach the final goal of wealth creation.
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