Tax Planning Concept and tax planning with specific managerial decisionsSundar B N
In this ppt most of the tax planning concepts are covered. Tax planning, Tax evasion, tax avoidance, tax planning with inter corporate dividend and Bonus share. Tax Planning with specific managerial decisions are covered.
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https://www.youtube.com/channel/UCjzpit_cXjdnzER_165mIiw
Unit II Tax Planning and Company PromotionDayanand Huded
The chapter comprises of Meaning of Tax Planning, Tax Avoidance, Tax Evasion and Tax Management; Features and Scope for Tax Planning; Business Location and Tax Planning; Nature of Business and Tax Planning: FTZ, Units in SEZ, 100% EOU and Infrastructure Development.
Tax planning is a focal part of financial planning. It ensures savings on taxes while simultaneously conforming to the legal obligations and requirements of the Income Tax Act, 1961. The primary concept of tax planning is to save money and mitigate one's tax burden.
Tax Planning is the arrangement of financial activities in such a way that maximum tax benefits are enjoyed by making use of all beneficial provisions in the tax laws. It entitles the assessee to avail certain exemptions, deductions, rebates and reliefs, so as to minimise its tax liability.
(i) Reduction of tax liability: One of the supreme objectives of tax planning is the reduction of the tax liability of the payer and the resultant saving of the earnings for a better enjoyment of the fruits of hard labour.
(ii) Minimization of litigation and the tax payer may be saved from the hardships and inconveniences caused by unnecessary litigations.
(iii) Productive investment: Tax planning is a measure of awareness of the taxpayer to the intricacies of the taxation laws and it is the economic consciousness of the income earner to find out the ways and means of productive investment of the earnings which would go a long way to minimize its tax burden.
(iv) Healthy growth of economy: The saving of earnings is the only basement upon which the economic structure of human life is founded.
(v) Economic stability: Productive investment increase contours of the national economy embracing in itself the economic prosperity of not only the tax payers but also of those who earn the income not chargeable to tax. The planning thus creates economic stability of the nation and its people by even distribution of economic resources.
(i) Residential status and citizenship of the assessee: We know that a non-resident in India is not liable to pay income-tax on incomes which accrue or arise and are also received outside India, whereas a resident in India is liable to pay income-tax on such incomes.
(ii) Heads of income/assets to be included in computing net wealth: Before the Tax-planner goes in for his task; he has to have a full picture of the sources of Income of the tax payer and the members of his family
Tax Planning Concept and tax planning with specific managerial decisionsSundar B N
In this ppt most of the tax planning concepts are covered. Tax planning, Tax evasion, tax avoidance, tax planning with inter corporate dividend and Bonus share. Tax Planning with specific managerial decisions are covered.
Subscribe to Vision Academy for Video assistance
https://www.youtube.com/channel/UCjzpit_cXjdnzER_165mIiw
Unit II Tax Planning and Company PromotionDayanand Huded
The chapter comprises of Meaning of Tax Planning, Tax Avoidance, Tax Evasion and Tax Management; Features and Scope for Tax Planning; Business Location and Tax Planning; Nature of Business and Tax Planning: FTZ, Units in SEZ, 100% EOU and Infrastructure Development.
Tax planning is a focal part of financial planning. It ensures savings on taxes while simultaneously conforming to the legal obligations and requirements of the Income Tax Act, 1961. The primary concept of tax planning is to save money and mitigate one's tax burden.
Tax Planning is the arrangement of financial activities in such a way that maximum tax benefits are enjoyed by making use of all beneficial provisions in the tax laws. It entitles the assessee to avail certain exemptions, deductions, rebates and reliefs, so as to minimise its tax liability.
(i) Reduction of tax liability: One of the supreme objectives of tax planning is the reduction of the tax liability of the payer and the resultant saving of the earnings for a better enjoyment of the fruits of hard labour.
(ii) Minimization of litigation and the tax payer may be saved from the hardships and inconveniences caused by unnecessary litigations.
(iii) Productive investment: Tax planning is a measure of awareness of the taxpayer to the intricacies of the taxation laws and it is the economic consciousness of the income earner to find out the ways and means of productive investment of the earnings which would go a long way to minimize its tax burden.
(iv) Healthy growth of economy: The saving of earnings is the only basement upon which the economic structure of human life is founded.
(v) Economic stability: Productive investment increase contours of the national economy embracing in itself the economic prosperity of not only the tax payers but also of those who earn the income not chargeable to tax. The planning thus creates economic stability of the nation and its people by even distribution of economic resources.
(i) Residential status and citizenship of the assessee: We know that a non-resident in India is not liable to pay income-tax on incomes which accrue or arise and are also received outside India, whereas a resident in India is liable to pay income-tax on such incomes.
(ii) Heads of income/assets to be included in computing net wealth: Before the Tax-planner goes in for his task; he has to have a full picture of the sources of Income of the tax payer and the members of his family
Tax planning is the analysis of a financial situation or plan from a tax perspective. The purpose of tax planning is to ensure tax efficiency, with the elements of the financial plan working together in the most tax- efficient manner possible. Tax planning is an important part of a financial plan, as reducing tax liability and maximizing eligibility to contribute to retirement plans are both crucial for success.
Tax planning is the analysis of a financial situation or plan to ensure that all elements work together to allow you to pay the lowest taxes possible. A plan that minimizes how much you pay in taxes is referred to as tax efficient. Tax planning should be an essential part of an individual investor's financial plan.
Section 80D provides taxpayers with tax deductions on the premium paid towards health insurance policies for self, parents, spouse, and children. The taxpayers are can claim the following amounts as deductions under Section 80D: i) Up to Rs 25,000 on the premium for health insurance availed for self, spouse, and children. ii) If your parents are covered under the insurance policy, then a maximum deduction of Rs 50,000 is allowed. iii) If either of your parents is a senior citizen, then the maximum deduction allowed is Rs 75,000.
Now, let’s see how Akash can utilise the provisions of Section 80D to save taxes. He buys a health policy for himself by paying a premium of Rs 20,000. He later decides to cover his parents as well under the policy. He spends an additional Rs 53,000 to do so. Akash’s father is aged 61 years. Hence, he can avail an additional deduction of up to Rs 50,000 towards the premium paid to cover his father. Thus, Akash can claim Rs 70,000 paid by him (Rs 20,000 for covering self and Rs 50,000 for covering parents, one of whom is a senior citizen) under Section 80D this year. He saves Rs 21,840 in taxes under this Section.
· Tax Planning,
· Direct Tax Structure in India,
· Restriction for Tax Avoidance and Tax Evasion,
· Residential Status and Tax Planning
· Corporate Taxation and Dividend Tax
Tax justice from 100 years old income tax law.pdfM S Siddiqui
Roughly 94 per cent of income-tax revenue comes from tax deducted at source. The Tax deduct as source (TDS) has been imposed at border during release of imported goods and services, supply of goods and services to government and corporates entities. This deduction is on gross sales value but not on net profit. The advances taxes are non-refundable and considered as tax on income. In many cases the tax burden are more than 100 percent of the net income of the business enterprises.
he corporation tax in India is also known as corporate tax. It is a direct tax that is levied on the total profit or income that corporate endeavors make through their businesses.
...
Rates of Corporation Tax in India for Domestic Corporations.
Gross Turnover Rate of Tax
More than Rs.250 Crore 30%
The Importance of Filing Your ITR on TimeVakilkaro
Filing your ITR on time is a legal obligation mandated by the government. Failure to do so can lead to penalties, fines, and legal consequences. By adhering to the designated deadlines, you demonstrate your commitment to following the tax laws of your country.
Tax planning is the analysis of a financial situation or plan from a tax perspective. The purpose of tax planning is to ensure tax efficiency, with the elements of the financial plan working together in the most tax- efficient manner possible. Tax planning is an important part of a financial plan, as reducing tax liability and maximizing eligibility to contribute to retirement plans are both crucial for success.
Tax planning is the analysis of a financial situation or plan to ensure that all elements work together to allow you to pay the lowest taxes possible. A plan that minimizes how much you pay in taxes is referred to as tax efficient. Tax planning should be an essential part of an individual investor's financial plan.
Section 80D provides taxpayers with tax deductions on the premium paid towards health insurance policies for self, parents, spouse, and children. The taxpayers are can claim the following amounts as deductions under Section 80D: i) Up to Rs 25,000 on the premium for health insurance availed for self, spouse, and children. ii) If your parents are covered under the insurance policy, then a maximum deduction of Rs 50,000 is allowed. iii) If either of your parents is a senior citizen, then the maximum deduction allowed is Rs 75,000.
Now, let’s see how Akash can utilise the provisions of Section 80D to save taxes. He buys a health policy for himself by paying a premium of Rs 20,000. He later decides to cover his parents as well under the policy. He spends an additional Rs 53,000 to do so. Akash’s father is aged 61 years. Hence, he can avail an additional deduction of up to Rs 50,000 towards the premium paid to cover his father. Thus, Akash can claim Rs 70,000 paid by him (Rs 20,000 for covering self and Rs 50,000 for covering parents, one of whom is a senior citizen) under Section 80D this year. He saves Rs 21,840 in taxes under this Section.
· Tax Planning,
· Direct Tax Structure in India,
· Restriction for Tax Avoidance and Tax Evasion,
· Residential Status and Tax Planning
· Corporate Taxation and Dividend Tax
Tax justice from 100 years old income tax law.pdfM S Siddiqui
Roughly 94 per cent of income-tax revenue comes from tax deducted at source. The Tax deduct as source (TDS) has been imposed at border during release of imported goods and services, supply of goods and services to government and corporates entities. This deduction is on gross sales value but not on net profit. The advances taxes are non-refundable and considered as tax on income. In many cases the tax burden are more than 100 percent of the net income of the business enterprises.
he corporation tax in India is also known as corporate tax. It is a direct tax that is levied on the total profit or income that corporate endeavors make through their businesses.
...
Rates of Corporation Tax in India for Domestic Corporations.
Gross Turnover Rate of Tax
More than Rs.250 Crore 30%
The Importance of Filing Your ITR on TimeVakilkaro
Filing your ITR on time is a legal obligation mandated by the government. Failure to do so can lead to penalties, fines, and legal consequences. By adhering to the designated deadlines, you demonstrate your commitment to following the tax laws of your country.
Tata Group Dials Taiwan for Its Chipmaking Ambition in Gujarat’s DholeraAvirahi City Dholera
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Vat Registration is a legal obligation for businesses meeting the threshold requirement, helping companies avoid fines and ramifications. Contact now!
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Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
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"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
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• Four (4) workplace discipline methods you should consider
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This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
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2. WHAT DO YOU MEAN BY
TAX PLANNING?
Tax planning can be defined as an
arrangement of one’s financial and
business affairs by taking legitimately in
full benefit of all deductions, exemptions,
allowances and rebates so that tax liability
reduces to minimum.
3.
4. KEY POINTS TO BE
REMEMBERED
It is not avoidance to payment of tax.
Tax planning should not be done with an
intent to defraud the revenue.
All transactions with respect to tax planning
should be in correct form and substance.
Tax planning works within the framework of
law and its not illegal.
5. RIGHT TO PLAN TAX
LIABILITY
The Supreme Court held in case of McDowell
& Co. v. CTO(1985) 154 ITR 148(SC) has
said that it is true that planning may be
legitimate provided it is within the framework
of the law.
Using dubious methods to avoid the payment
of tax is not permissible.
It is obligation of every citizen to pay taxes
honestly without resorting to subterfuges
6. TAX AVOIDANCE AND TAX EVASION
Taxpayers generally plan their affairs so as to
attract the least incidence of tax.
Taxpayer spares no efforts in maximising his
profits and attracting the least incidence. The tax
gatherer, on the other hand. Tries to break the plans
whose sole objective is to save taxes.
Three common practice to save taxes:
a) Tax Evasion;
b) Tax Avoidance;
c) Tax Planning.
7. a)TAX EVASION
Tax evasion refers to a situation where a
person tries to reduce his tax liability by
deliberately suppressing the income or by
inflating the expenditure which results into
showing of income lower than the actual and
resorting to various types of deliberate
manipulations.
An assessee guilty of tax evasion is punishable
under the relevant laws.
8. b)TAX AVOIDANCE
There is a thin line of difference between Tax
Avoidance and Tax Planning.
Any planning done according to legal requirements
defeats the basic intention of Legislature behind the
statute could be termed as Tax Avoidance.
Tax Avoidance is done in such a manner that no
infringement of taxation laws and by taking full
advantage of loopholes to attract least incidence of
tax.
Earlier tax avoidance was considered completely
Legitimate, but at present it may be illegitimate in
certain situations.
9. c)TAX PLANNING
It means arranging the financial activities in such
a manner that maximum tax benefits are enjoyed
by making use of all beneficial provisions
mentioned in the law.
Tax planning is permitted and not frowned upon
by law.
Tax planning is different from Tax Avoidance and
Tax Evasion as it is a systematic and scientific
planning of company’s operation to attract
minimum tax liability.
10. OBJECTIVES OF TAX
PLANNING
a) Reduction of tax liability
b) Minimisation of litigation
c) Productive investment
d) Healthy growth of economy
e) Economic stability
11. IMPORTANCE OF TAX PLANNING
No tax planning would lead to least benefits.
Tax planning is more reliable as Tax Evasion and
Tax Avoidance are wrong means to save taxes.
Government has provided companies with
incentives in tax laws so planner gets the
advantage to use such incentives.
With increase in profits, the quantum of corporate
tax also increases and it necessitates the devotion
of adequate time on tax planning.
12. It helps to deal with the burden of direct and
indirect taxation during inflation.
Helps in proper expense planning, capital budget
planning, sales promotion planning etc.
Availability of accumulated profits, reserves and
surpluses and claiming such expenses as revenue
expenditure are possible today because of Tax
Planning.
In these days saving tax can be seen as non-
repayable interest-free loan taken for government.
13. ESSENTIALS OF TAX PLANNING
Up to date knowledge of tax laws and awareness of
judgments made through various decisions of the
courts.
The disclosure of all material information and
furnishing the same to the IT department.
Tax Planning should not just comply legal
provisions as stated but should be within the
framework of law.
A planning must be capable of attainment of
business objectives and be amenable to its possible
future changes.
14. TYPES OF TAX PLANNING
a) Short-range and Long-range tax planning
b) Permissive tax planning
c) Purposive tax planning
15. AREAS OF TAX PLANNING IN
CONTEXT OF INCOME TAX ACT, 1961
At the time of setting up of new business entity:
i. Form of organisation/ownership pattern;
ii. Locational aspects;
iii. Nature of business.
16. AREAS OF TAX PLANNING IN CONTEXT
OF INCOME TAX ACT, 1961
For the business entities already in existence:
i. Tax planning in respect of corporate restructing;
ii. Tax planning in respect of financial management;
iii. Tax planning in respect of employees remunerations;
iv. Tax planning in respect of specific managerial
decisions;
v. Tax planning in respect of Foreign Collaborations
and Joint Venture Agreements;
vi. Tax planning in the light of various Double Taxation
Avoidance Agreements.