What do you mean by INCOME TAX PLANNING & MANAGEMENT and how is it done?
2 Replies
Amir
(Learner)
(4016 Points)
Replied 13 January 2010
Dear Harsiddhi,
Tax Management is wide term & it includes Tax Planning, all compliances,etc
Tax Planning means Reducing ur Income Tax Liabilty by availing the benefits given by law..
Practices which reduces tax liability by exploiting loopholes in law(but not contravening the provisions) is known as Tax Avoidance..
Practices which reduces tax liability by contravening the provisions in Law is known as Tax Evasion..
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