If you are a person having taxable income more than the Basic exemption limit, then tax planning becomes quite essential and helpful in availing various investment/expenditure benefits and arriving at appropriate tax liability.
Tax payment is mandatory for every individual who falls under a specific Income-tax bracket and hence structuring your Tax liability is essential for any person to ensure that reliefs/benefits provided by the Government are not missed. At regular intervals, various amendments are made in the Taxation policies by the Finance ministry. Hence you may end up ignoring eligible deductions/reliefs introduced and thereby computing higher tax liability.
It may also happen that the amendment introduced has deleted any relief which you still included in your Tax computation. In such a scenario, your Income-tax return filed may prove to be defective or you may even receive a notice from the Tax department.
In such a case, you shall trust an expert for tax planning, and yourself shall focus on the other core activities of the business.
Planning your financial affairs to compute your tax liability is legal provided such plans are not structured in any way to mask any of your income to avoid your tax liability.
Our Tax experts provide invaluable opinion analysing your business/income structure. Our service ranges to the business organisation, including sole proprietorship, Limited liability Partnership(LLPs) and Incorporated Companies.