Tax planning is the analysis of a financial situation or plan from a tax perspective. The purpose of tax planning is to ensure tax efficiency, Tax planning devises a person’s financial affairs by taking advantage of all the allowable deductions, exemptions, allowances, and rebates, legitimately, so that the tax liability is the least.
What we provide ?
We analyze the financial activities of the person or entity that are thoroughly analyzed, to seek the maximum possible tax benefit, which is feasible as per the statute.
Advantages of it ?
Tax planning is the analysis of finances from a tax perspective, with the purpose of ensuring maximum tax efficiency.
Considerations of tax planning include the timing of income, size, the timing of purchases, and planning for expenditures.
Tax planning strategies can include saving for retirement in an IRA or engaging in tax gain-loss harvesting.
In tax planning emphasis is laid on reducing the tax liability, by legitimate means, i.e. by using those ways and means that do not deceive the intent of the law. On the flip side, in tax management the focus is made on reducing the taxes, by the timely filing of the return, payment of advance taxes, payment of taxes and appearing before the stipulated authority, so as to prevent penalties, interest and so forth.