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Tax planning is the process of analyzing a financial plan or a situation from a tax perspective. The objective of tax planning is to make sure that there is tax efficiency. With the help of tax planning, one can ensure that all elements of a financial plan can smoothly function together. Tax planning is a significant component of a financial plan. Reducing tax liability increases your ability to make contributions towards your retirement plans and other financial goals.
We cannot completely do away with taxes but we can surely reduce them to a great extent. Tax evasion is illegal, but tax planning isn’t.
When it comes to reducing tax liability by better tax planning, we come into the picture. As every person has a different income & investment profile, applicable exemptions, and provisions are applied case to a case basis to optimize the tax liability.
Financial planning and tax planning are closely connected due to the fact that taxes are a huge expense as you go through life. The moment you become wealthy, taxes become your single largest expense in long run, thus planning to reduce taxes is a critical part of the overall financial planning process.
Most of the people in India don’t do proper tax planning, fail to timely assess their tax liability, and postpone tax-saving investments to the last minute. They generally think of taxes only in the last quarter of the financial year and end up paying more taxes and interest thereon for the delay in payment. For people at large, tax planning is often focused only on deductions under section 80C of the Income Tax Act, though the tax planning is an integral part of an overall financial plan and should always be kept in mind while taking any financial decision.
You need to timely assess your tax liability, timely commit to your tax-saving investments, and pay advance tax every quarter on or before the due date to avoid paying any interest.
Please seek the services of a tax expert rather than depending on tips from family and friends and plan your taxes well to ensure optimum tax outgo. This shall also positively impact your preparedness for your other financial goals by leaving more investible funds for those goals.
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Mob No.: +91 9810442134
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+91 9810442134
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