WHY TAX PLANNING?

Why we need tax planning this question is often comes to the minds of many people. But firstly, we need to understand what is tax planning?

Tax planning is a technique which primarily aims at adopting an arrangement so as to bring least incidents of taxes.

It aims at without violating the legal provisions of income tax act, 1961, full advantage is taken of all exemptions, deduction, rebates & relief to reduce tax liability.

KEY HIGHLIGHTS

·        Tax liability is reduced

·        No avoidance of tax is involved

·        Within legal framework of law

Tax planning is completely opposite of tax evasion which violates the legal provision of income tax act, 1961

Every person should opt for tax planning in order to gain maximum advantage of benefits provided by government.

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