What does tax planning include It involves the strategic management of financial affairs to minimize tax liability within the framework of applicable tax laws. It is a legitimate practice that aims to optimize one’s tax position by utilizing legal provisions, exemptions, deductions, and incentives provided by tax authorities. This typically includes the following aspects: 1.Understanding… Read More »
Is Tax planning Compulsory Tax planning is not compulsory in the sense that individuals and businesses are not legally obligate to engage in tax planning activities. However, it is highly recommend and beneficial for individuals and businesses to engage in tax planning to optimize their tax position and minimize their tax liabilities. By proactively… Read More »
Tax Planning: Tax planning involves proactive strategies and actions taken throughout the year to minimize tax liability and optimize financial outcomes. It focuses on analyzing the taxpayer’s financial situation, exploring tax-saving opportunities, and implementing strategies to legally reduce taxes. Tax planning aims to strategically manage financial affairs, take advantage of applicable tax laws and provisions,… Read More »