Tax Planning
Paying taxes is our duty – definitely (and statistically) not one of the peoples’ favorites. Almost every salaried individual groans when tax is being deducted from his salary. We cannot completely do away with taxes but we can surely reduce them to a great extent. Tax evasion is illegal. Tax Planning isn’t. Each year, the budget consists of provisions and exemptions to reduce tax liability. This is where we come into the picture.
Based on each individual’s profile, we apply exemptions and provisions to reduce their tax liability. Planning is the key to successfully and legally reducing your tax liability. We go beyond tax compliance and proactively recommend tax saving strategies to maximise your after-tax income. Financial planning and tax planning are closely connected due to the fact that taxes are a huge expense as you go through life. If you become very 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.
Income Tax planning is one of the most important aspects of personal finance. It forms an integral part of our savings plans. However, 90% of financial mistakes by individuals in India are made during the tax planning season.
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 unnecessary tax savings. Strategies for income tax planning in India often concentrate more on deduction under section 80C of the income tax code. Tax planning should be considered an integral part of an overall financial plan. This would help individuals in optimising 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 the required amount in form of taxes or buy unnecessary products.We assist to provide you with short-term benefits, but also in an effort to minimise long–term tax implications. We provide periodic tax–planning meetings, payment analyses and cash flow planning.
Good tax planning services advocate paying taxes smartly by utilising the provisions in the Tax Laws to minimise the tax liability. The best tax saving plan will include a holistic view of the impact of your tax savings on your financial goals. With the growing complexity & diversity of available options for tax planning purposes, it is important that we critically examine and bring across to you the new generation options available for investors in the present investment market.
Our Tax Planning Services Help You In Optimising 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.
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