Tax Planning 2019 – Tax Planning for Beginners (Strategies, Training)

About Tax Planning 2018

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As responsible citizens of our country, we have an obligation towards it that is called Income Tax. In other words, every citizen of the country who earns an income equal to or over a specified amount (as prescribed by the govt.) must pay his tax through a practicing Chartered Accountant or individually, as specified in the Income Tax laws. While most people are sincere towards their tax liability, there are some mischievous ones who are in constant strive for getting away from the obligation. However, this is an immoral act and those who get caught, are liable to the harshest of punishments under the law.

About Tax Planning 2018

The best option in our view is not to avoid your Income Tax liability altogether; rather minimize it. This act of minimizing your cumulative Tax liability is also called Tax Planning, which we are going to explain in detail later. So, what exactly do we mean by Tax Planning and how can it be exercised for the benefit of a common taxpayer as well as large corporates. Read on and get all your answers here!

Tax Planning 2018 Course Description

1. What do we mean by Tax Planning?

Tax planning means to reduce the overall tax liability of a taxpayer through the means of various deductions, exemptions, rebates etc. that have been provided by the IT law. The IT law itself has provided several methods of tax planning exemptions under section 10, deductions u/s 80C to 80U and through various reliefs and rebates. Given below are a few of these provisions:

• Investment in securities given u/s 10(15). The interest accumulated on such securities is fully exempted.
• Exemptions provided under section 10A, 10B and 10BA.
• A residential position of the taxpayer.
• The choice of his/her accounting method.
• Choice of his/her organization.

A word of caution: To avail the full benefits of tax planning strategies 2018 one must resort to only bonafide and legal means which are under the framework of law, in spirit and in a letter.

1. Is tax planning the need of every taxpayer?

Yes. Tax planning is required to maximize the inward cash flow and minimize the outward flow. As we know by now, a tax is a kind of cost; and the reduction of cost leads to what? Profit! Thus, every prudent person who wishes to earn greater profits would resort to a tool that can reduce his tax liability; and this is what is called Tax planning.

1. How is the technique of Tax Planning worked out?

Always remember to follow these tips before working out your Tax Planning:

1. The must be executed before the accumulation of income. Any tax planning that is done after the accumulation of income is deemed as ‘Application’ of Income and gives the impression of a fraud.
2. Tax Planning Strategies is always executed at the source of income.
3. For the choice of a Taxable Entity as an organization, a proprietorship concern, firm or a company may be taken.
4. The choice of location of an undertaking, a division or a business plays a significant role in Tax Planning.
5. Residential Status of an individual. Any taxpayer liable to pay Income Tax in India must arrange his stay in India in a manner that he is considered as an NR Indian.
6. Choice of Buying or Leasing of Assets. If the assets are purchased outright, some amount as depreciation is allowable. If the assets are put on a lease, a lease rental is allowable as a deduction.
7. Capital Structure decision. There must a balanced amount of debt and equity to make the most of the return on capital and minimize the tax obligation. Interest on debt is permissible as a deduction but dividend on equity fund is not.

Types of Tax Planning 2018:

• Purposive: Tax planning is done with a specific target in mind
• Permissive: tax planning which is under the purview of law.
• Long range and Short range: Tax planning that is conducted at the beginning and end of a particular fiscal year.

Tax saving objectives:

These are the primary tax saving objectives of any company:

• Reducing the quantum of tax liability
• Economic solidity
• Progression of the economy
• Minimization of litigation
• Fruitful investment

Tax Planning Strategies is an online course designed and developed by our highly trained and experienced staff especially for those students and professionals who are looking to make a successful career in Income Tax or Chartered Accountancy. This course is also very helpful for these people:

1. Management Students – Those pursuing MBA/PGDM/ Ph.D. in management or Financial management.
2. Entrepreneurs – People into their own business or aspiring to begin their own venture soon.
3. Team Leaders – Accountancy professionals and managers working as a team leader in some medium-high level organization in India or abroad.
4. Company Secretaries – Those CS graduates who are into leading organizations of the country serving as Company Secretaries.
5. Students – Those aspirants of Accounting or degrees in Income Tax from reputed top-end institutions of the country.

• A PC/Laptop with a high-speed Internet Connection and a modern web browser such as Chrome as the entire course is available online only.
• Completion of a basic educational qualification/graduate degree such as BA/B.Com/BBA/CA/CS/ICWA.
• Basic knowledge/Diploma in Automated Accounting Software such as Tally (not mandatory).
• Understanding of/well-versed in the English language as all course materials are in the language only.
• The course is ideal for students/professionals/employees/managers working in medium-high level organizations and want to learn the minutiae of Income Tax for career growth and achieving organizational goals.

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