Tax planning is a major aspect in one’s life. Paying minimum tax what everyone wants. But how to do it and whether it is possible is a big question.Tax planning means “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 allows a taxpayer to make the best use of the various tax exemptions, deductions and benefits to minimize their tax liability over a financial year.