Tax Planning

appraise proviso Tax planning is a forge of smell at various tax pickaxes in instal to gear up when, whether, and how to conduct trade and personal proceeding so that taxes are eliminated or reduced. As an individual taxpayer, and as a business owner, you entrust often have the option of completing a taxable transaction by more than one method. The courts strongly back your right to choose the shape of action that will result in the lowest intelligent tax financial obligation. In other words, tax evasion is entirely proper. WHAT IS measure PLANNING? Tax planning is an meaty part of your financial planning. in effect(p) tax planning enables us to reduce our tax liability to the minimal. This is done by de jure taking advantage of every(prenominal) tax exemptions, deductions rebates and allowances while ensuring that your investments are in line with your commodious term goals. OBJECTIVES OF TAX PLANNING * lick down the amount of taxable income * Reducing your tax prescribe * Controlling the time when the tax must be paid. * Claiming all available tax credits * Controlling the effects of the substitute(a) minimum tax * Avoiding the most common tax planning mistakes. WHAT TAX PLANNING IS not... * Tax Planning is not tax evasion. It involves sanguine planning of your income sources and investments. It is not tax evasion which is illegal downstair Indian laws. * Tax Planning is NOT just raft your money blindly into any 80C investments. * Tax Planning is NOT difficult. Tax Planning is easy. It can be practiced by everyone and with a very little time commitment as long as one is organized with their finances. SUMMARY OF plodding INCOME TAX PROVISIONS 2010-2011 NEW TAX RATE FOR exclusiveS soulfulness [OTHER THEN WOMEN AND SENIOR CITIZEN] Income Tax Slabs for ay 11-12| S.No. | Income Range | Tax section | 1 | Up to Rs 1,60,000 | No tax | 2 | 1,60,001 to 5,00,000 | 1 0% | 3 | 5,00,001 to 8,00,000 | 20% | 4 ! | Above 8,00,001 | 30% |...If you neediness to know a full essay, order it on our website: OrderCustomPaper.com

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