Tag Archives: #SavingsPlan

Q14.148 Tax planning with reference to financial management decision ?

Financial management decision Website link Financial management decision: Tax planning with reference to involves strategically considering and incorporating tax implications into the broader financial strategies of a company or individual. This approach aims to optimize financial management practices while minimizing tax liabilities. Here are some key considerations for tax planning with respect to financial management… Read More »

Is net worth liquid?

Net Worth Liquid Net Worth Liquid does not consider liquidity. It represents the difference between a person’s or entity’s assets and liabilities. It is a measure of wealth, reflecting the value of the individual’s or entity’s assets after subtracting their debts or liabilities. While net worth indicates the value of one’s overall financial position,… Read More »

Can liquid net worth be higher than net worth?

Can Liquid Net Worth be Higher Than Net Worth Can liquid net worth be higher than net worth yes, This represents the overall financial value of an individual or entity and is calculated by subtracting total liabilities from total assets. It is a measure of wealth and provides an indication of the individual’s or entity’s financial… Read More »

What are tax planning in India?

Tax Planning in India Tax planning in India encompasses the deliberate management of financial matters and transactions, aiming to reduce tax obligations while operating within the legal framework. It involves utilizing various provisions and exemptions provided under the Indian tax laws to optimize tax savings. Here are a few prevalent tax planning strategies in… Read More »

What is tax planning for individuals?

Tax planning for individuals Tax planning for individuals refers to the strategies and actions taken by individuals to manage their finances in a way that minimizes their tax liabilities while remaining compliant with tax laws. The primary objective of individual tax planning is to legally reduce the amount of taxes owed and maximize… Read More »

Tax planning and tax evasions?

Tax planning and tax evasions Taxation planning and tax evasions are two distinct concepts with stark differences: Tax Planning: Tax planning involves structuring one’s financial affairs in a legal and strategic manner to minimize tax liability. It involves taking advantage of available deductions, credits, exemptions, and incentives provided by tax laws to legally reduce… Read More »

Tax planning for salaried employees?

Tax Planning for Salaried Employees Tax planning for salaried employees involves utilizing various strategies to optimize your tax situation and reduce your tax liability. Here are some key considerations: 1. Understand Tax Deductions: Familiarize yourself with the deductions available to salaried employees. This includes deductions for expenses such as house rent allowance (HRA), standard… Read More »

Tax planning can help?

Tax planning can help Tax planning can help, Exceptional “Unlocking the Benefits of Tax Planning”: Tax planning presents a multitude of advantages and serves as a valuable resource for individuals and businesses across various domains. Explore below to discover the specific ways in which tax planning can prove advantageous: 1. Minimize tax liability: The… Read More »

What is personal tax planning?

Personal tax planning Personal tax planning refers to the process of managing one’s personal finances and making strategic decisions to minimize the amount of tax payable on personal income and assets. It involves analyzing the various components of an individual’s financial situation, such as income, investments, expenses, deductions, and credits, in order to optimize tax… Read More »

3.21 Can HUF claim 80c deduction

Can HUF Claim 80C Deduction Yes, a Hindu Undivided Family (HUF) is eligible to claim deductions under Section 80C of the Income Tax Act, 1961. Section 80C provides deductions for certain investments, expenses, and payments made by taxpayers to reduce their taxable income. The maximum deduction limit under Section 80C is currently ₹1.5 lakh per… Read More »