Tax Planning is the analysis of the financial position concerning the payable tax liability. Tax Planning is an important component of Financial Planning and enables the entity to reduce tax liability legally.
Tax planning help you in rationalizing your tax liabilities!
Income tax lies under the category of direct taxes. An individual having an annual income of more than Rs. 2.50 lakh per year is required to pay the tax. Tax is levied at various tax slabs basing on the income.
GST lies under the category of Indirect Taxes and was introduced in place of Sales Tax. It is charged on all Goods and Services produced.
CGT is paid on the profit made on the sale of Fixed Assets, Shares or Stocks. It is divided into long-term and short term capital gain, which attracts a different tax rate.
Property tax is levied by the Local authorities Like Municipal corporations etc on the residential and commercial properties.
Corporate tax is a direct tax imposed by a government on the income or capital of corporations or other legal entities. It can either be at the national level, and may be imposed at state or local levels based on size and function of companies.
Excise duty refers to the taxes levied on the manufacture of goods within the country, as opposed to custom duty that is levied on goods coming from outside the country. For example, It is charged on food items, petrol and liquors.