Benefits of Tax Planning

By: Peter Frank

Just as rules are important for good living so also there are some golden rules of tax planning. The five simple yet effective golden rules of tax planning are:

1.Spread the taxable income among various members in your family;
2.Take full advantage of tax exemptions available under the law;
3.Take full advantage of permissible tax deductions and rebates available on stipulated tax-saving investments;
4.Make optimum use of tax-exempted incomes; and
5.Simple tax planning is smart tax planning

Planning your income may or may not be a difficult question to answer but Tax Planning has been something which many people have found out to be very difficult. We rush to our CA's at the end of our financial yeas so that he can guide us as to where can we invest so that we can save maximum amount of tax
There are many parameters that we need to take into consideration while planning for our tax as the benefit is going to be received by the government.

We will not advise you to skip and not pay your tax because at the end of the whole thing is that who will be the sufferer amongst this it is we and this is a crime to not to pay your tax. But a proper planning is what is required. We have to compare the advantages of several tax saving schemes and depending upon your age, social liabilities, tax slabs and personal preferences, decide upon a right mix of investments, which shall reduce your tax liability to zero or the minimum possible.
Every citizen has a fundamental right to avail all the tax incentives provided by the Government. Therefore, through prudent tax planning not only income-tax liability is reduced but also a better future is ensured due to compulsory savings in highly safe Government schemes. We sincerely advise all our readers and clients to plan their investments in such a way, that the post-tax yield is the highest possible keeping in view the basic parameters of safety and liquidity.
For more information on how to make your tax planning then do visit www.franklintempletonindia.com

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