Tax planning involves strategically organising your financial affairs to ensure that, while fully Check this complying with the provisions of the Income-tax Act, 1961, you take maximum advantage of all exemptions, deductions, rebates, allowances, and other benefits available under the law. The goal is to minimise your tax liability to the maximum extent possible without violating any legal requirements.
What are the Objectives of Tax Planning?
The main objectives of tax planning are as follows:
Reduction of Taxes: The purpose of tax planning is to minimise tax liability as much as possible by utilising the deductions, exemptions, rebates, and other benefits available under the Income-tax Act, 1961.
Increase Savings: Tax planning seeks to maximise savings by optimising tax deductions, exemptions, and incentives. Individuals can boost their savings and direct more funds toward achieving financial goals, investments, and wealth building.
Avoid Notices: Tax planning helps prevent notices from the tax department by ensuring compliance with the provisions of the Act.
Financial Stability: Tax planning helps individuals and businesses achieve financial stability by optimising tax liabilities.
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