Tax Planning

  • Setindiabiz Team
  • May 8, 2024
Tax Planning
Tax Planning
“Complete Tax Planning and Management involves meeting compliance requirements in this increasingly complex area which further includes staying up to date in taxation domain. Our specialized experts take utmost care to cover all the aspects of tax planning and management.”
Tax Planning is an exercise wherein a business takes maximum benefits of tax law, exemptions and other benefits announced by the government to reduce the tax liability of the business. This involves planning with respect to location, employee, capital and debt mix etc. Whereas tax management refers to timely compliance of taxes which includes tax payment, the tax return on time. As appropriate periodical reviews of your tax situation ensure advanced planning for the next year, relying upon a professional who understands the legal requirements, as well as the needs of your business, is a wise decision.

Significant Aspects of Tax Planning and Management

  • A detailed analysis of business transactions
  • Anticipation of future stream of revenue and expenses
  • Taking maximum benefit of tax exemptions
  • Setting calendar of dates for tax compliance
  • Accurate and timely tax payment
  • Ensuring all tax return on time
  • Special care on TDS and transactional taxes

Tips on Tax Planning and Management in India

  1. Selection of place of business plays a significant role in tax planning in view of state specific tax rates, tax exemption in different states like that of north east etc.
  2. Specific Management decisions with respect to employee remuneration helps in reducing tax payment on the part of organization as well as that of employees.
  3. The decisions to buy or hire also plays a vital role in reducing taxes, as the buy decision will benefit organizations with depreciation which is normally higher than the rates prescribed in companies act 2013.
  4. A proper check on the activities of an organization’s sales persons who often travel to different states ensures that the organization is filing all state corporate tax returns as needed.
  5. Making up the shortfall by increasing withholding on an organization’s salaries or bonuses helps in avoiding the danger of an underpayment penalty.
  6. Documentation of the business activities in an organization is significant not only from the perspective of tax estimation but also from the perspective of ensuring the systematic maintenance of all records in the form of appointment books, emails and narrative summaries.

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