What is the Tax Planning process?

Tax planning is the legal procedure of reducing the payable tax liabilities in a particular financial year. It includes the course of actions such as managing tax implications, deductible taxes, and proper planning to identify the amount of tax due. It plays a critical role in budget efficiency as well.

Who is a Tax Advisor? / Tax Planner / Financial Planner?

In the Business Accounting terminology, the Tax Advisors are the financial experts specialized in any Tax-related instances. Be it filing an individual tax or the annual compliance filing for an organization, financial tax consultants play a huge role in tax planning and reducing the payable tax amount while following the Act’s provisions.

Who will manage my Tax Planning procedure?

Our team consists of financial advisors, taxation experts, financial planners, and qualified CAs who will manage the complete financial affairs of an individual or organization to manage the Tax Planning method.

Which Act of the Indian Govt. oversees the tax planning procedure in the country?

In India, the Income Tax Act, 1961 oversees the entire aspects of the tax planning procedure.

How many days the Tax Planner will take to complete the tax planning process?

The tax planning process is conducted through daily updates, financial statements, and transaction records. It is advisable to continue with the process till the taxes are filed following the completion of a Fiscal Year.

For whom Tax Planning is Important in India?

By Online Legal India Published On 15 Mar 2021 Updated On 18 Jan 2023 Category Income Tax

Every 31st March marks the day of filing the income taxes to the country’s taxation authority and a lot of levied personnel face legal and financial complications while calculating and filing the taxes. It is why the area called tax planning has become very much essential and prevalent in recent days.

What is Tax Planning?

Tax planning or tax consultancy is the systematic financial process to help taxable individuals and organizations in terms of saving taxes and hard-earned money in a legal way with the help of professional tax consultants or tax planners.

In the contemporary world, every country heavily depends on the collected tax amounts from its citizens and organizations to initiate and implement the Govt. policies, plans, and proposals. In India, the taxation system is almost identical to this and the coinage being collected as the form of income tax is playing a major role in the working structure of the Indian Govt.

For whom the tax planning is important?

Following the financial pundits’ insights, tax planning is important for every individual and business organization liable to pay taxes to the Govt. of India. Thus, each salaried person, businessman, and landowners can conduct the tax planning before filing the levied amounts.

As per the legal provisions of the Indian Govt.’s Income Tax Act, 1961, the following individuals and groups are mandated to file the income taxes:

A salaried person with more than Rs. 2,50,000 annual income
Senior taxpayers (between the age 60-80 years) with more than Rs. 3,00,000 annual income
Super senior taxpayers (above the age of 80 years) with more than Rs. 5,00,000 annual income
Individuals holding foreign properties
Holding investments in unlisted equity shares
Director in a Company operating a business in India
Having income from sources outside India
Having a business or professional income computed on a ‘presumptive basis’
Persons including companies like charitable or religious trust, political party, scientific research association, news agency, hospital, trade union, educational institutes, NGO, or any similar organization.

If you find yourself in the above list, then the country’s recommended CAs and taxations experts at Online Legal India™ would provide you the complete assistance in tax planning & consultancy, online bookkeeping, income tax filing, and on any other tax-related matter.