Whether we like it or not we have to share part of our income with the government, but with efficient Income Tax planning we can plan in a way that would postpone, minimize, or can be saved taxes altogether.
When you do effective tax planning, you have more money to save or invest, or both.
In other terms, Tax planning means either deferring or minimizing taxes by taking full advantage of the beneficial tax-law provisions, increasing tax deductions and tax credits, and by making good use of all applicable deductions that are available under the Income tax act.
Financial planning and tax planning are closely connected because taxes are a huge expense as you go through life. If you become wealthy, taxes will be your single greatest expense over the long run, thus planning to reduce taxes is a critical part of the overall financial planning process.
Most of the individuals fail to assess their tax liability and postpone the tax savings to last minute.
Hence in India, tax planning is given more importance only during the last two quarters of the financial year. Due to these reasons, they end up paying unnecessary taxes or opt for in efficient tax savings instruments. Strategies for income tax planning in India often concentrate more on deduction under section 80C, 80CCD etc. of the income tax code. Tax planning should be considered as an integral part of an overall financial plan. This would help individuals in optimizing their tax planning strategies.
You may have often encountered problems in assessing your actual tax liability. As a result, you end up paying more than required amount in form of taxes or buy unnecessary products. Also taking tax planning tips from friends and family who may not be experts affects your overall financial plan.
Good tax planning services advocates paying taxes smartly by utilizing the provisions in the Tax Laws to minimize the tax liability. The best tax saving plan will include a holistic view of the impact of your tax savings on your financial goals.
Our tax planning services helps you in optimizing tax planning by:
- Knowing your tax liability
- Providing Comprehensive assessment of all tax related deductions that are already available in the form of house rent, provident fund, health and life insurance etc.
- Knowing the impact of tax savings on your available surplus.
- Evaluating all your tax saving investments based on their merit.
Please note that the information & tools provided above is only for education purpose and we are only Distributors to execute the transaction on the instruction of investors. Please consult your SEBI registered Investment Advisor or Tax Consultant about tax implications before investing.