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Tax Planning is the process of reducing tax liability on taxpayers by making the maximum use of deductions, allowances, exemptions & relief provided under the Income Tax Act. It is conducted with an object of financial planning to ensure tax efficiency.
Tax Planning is an arrangement and structuring of financial affairs in such a manner that most of the tax benefits can be availed by an assessee. This is done by applying the majority of permissible benefits, deductions, rebates & reliefs, thereby reducing the taxable income.
In Tax Avoidance, a taxpayer arranges his financial affairs in such a way that his tax liability is reduced without going out the ambit of the law. Tax avoidance is legal. However, it is not considered ethical as the taxpayer takes undue advantage of the loopholes in the law to evade payment of tax.
Tax Avoidance is a way of avoiding tax payment in a manipulative manner. A taxpayer can avoid tax payment by indulging into different activities such as:
Practical Examples
Recommended Article: Budget 2019: Hike in the Tax Exemption Limit.
Read More: Best Tax Saving Options Beyond Section 80C.
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