Income Tax Planning

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Income Tax Planning

Like as a responsible person, it is required to pay taxes on time every year. The same way, we at taxpayers should be vigilant as to where we could do our researched Income Tax Planning so as to save our hard-earned money. Let our Chartered Accountants help you in the informed Income Tax Planning.

Income Tax Planning is an arrangement of one's financial and business affairs by taking legitimately in full benefit of all deduction, exemption, allowances and rebate so that tax liability reduces to minimum. Income Tax Planning may legitimate be provided within the framework of the law. Colourable devices cannot be part of Income Tax Planning and it is wrong to encourage or entertain the belief that it is honourable to avoid payment of tax by resorting to dubious method.

At CCL, we will take care of all your Income Tax Planning needs so that you will be able to: -

  • Reduce your tax liability ethically;
  • Minimise litigations; and
  • Be able to do productive investments.
  • Income Tax Planning is the analysis of a financial situation or plan from a tax perspective. The purpose of Income Tax Planning is to ensure tax efficiency. Through Income Tax Planning, all elements of the financial plan work together in the most tax-efficient manner possible. Income Tax Planning is an essential part of an individual investor's financial plan. Reduction of tax liability and maximizing the ability to contribute to retirement plans are crucial for success.

Documents Required for Income Tax Planning

  • The income and investment documents.
  • Financials of the business (for other than salaried people).
  • The last tax return filed and computation you have.
  • Any other information you think can help.

Features & Benefits for Income Tax Planning

With the end of the financial year, salaried people can start ahead with Income Tax Planning along with exploring avenues to claim a refund of paid tax.

Income Tax Planning exercise is more important since the Companies Act, 2013 and other allied laws narrow down the scope for tax evasion and tax avoidance techniques, driving a taxpayer to a situation where he will be subjected to severe penal consequences.

With increase in profits, the quantum of corporate tax also increases and it necessitate the devotion of adequate time on Income Tax Planning.

Income Tax Planning enables a company to bear the burden of both direct and indirect taxation during inflation.