Tax Planning
Why Tax Planning?
Tax planning is important aspect in personal financial planning because it can help individuals and families save money on their taxes and make the most of their income. By understanding the tax laws and regulations and taking advantage of tax deductions and credits, individuals can reduce the amount of taxes they owe and increase the amount of money they have available to save or invest. Additionally, tax planning can help individuals plan for retirement and other long-term financial goals, and can also help them navigate complex financial situations such as buying or selling property, starting a business, or dealing with inheritance or estate taxes.
What is Tax Planning?
Tax planning is the process of organizing and arranging one’s financial affairs in a way that minimizes the amount of taxes owed. It involves analyzing the tax laws and regulations, identifying tax deductions and credits that can be claimed, and taking steps to optimize one’s income, deductions, and credits in order to reduce the overall tax liability. Tax planning can be done on a short-term or long-term basis, and can include strategies such as deferring income, maximizing deductions, and making strategic investments in order to minimize taxes. Additionally, tax planning can also include strategies for dealing with complex financial situations such as buying or selling property, starting a business, or dealing with inheritance or estate taxes.
Our Approach
By understanding the financial background of our clients, we do make sure that they are making maximum use of the deductions available under several sections. There are several ways we suggest by which one can lower his/her taxes –
1. Restructuring of their salary
2. Suggesting investment into instruments considering their post tax returns
3. Increasing awareness about different sections available for deductions
4. Making maximum from the set off rules by declaring profits/losses while filing tax returns
5. Educating on the new compliances from the income tax department
6. Suggesting optimal options while selling / redeeming assets