Tax planning refers to the practice where the financial status of an entity or an individual is analysed based on the perspective of tax efficiency. Taxes can take up the annual earnings of a business body or an individual.
Though it deals with the reduction of income tax obligations, taxpayers must ensure they are not indulging in tax avoidance or tax evasion. Besides reducing tax liability, tax planning also aims to boost the economy, ensure productive investment and more.
Tax planning is an essential aspect of financial management that plays a significant role in minimising tax liabilities and maximising financial gains. In India, tax planning holds particular importance due to the complex tax structure and various tax laws and regulations.
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