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Tax planning

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Publié dans : Business, Technologie

Tax planning

  1. 1. TAX PLANNING
  2. 2. THERE IS NOTHING WHICH HURTS MORE THAN PAYMENT OF TAXES…..
  3. 3. THREE COMMMON PRACTICE TO SAVE TAXES :- I. TAX PLANNING II. TAX AVOIDANCE III. TAX EVASION
  4. 4. TAX AVOIDANCE : TAX AVOIDANCE IS MINIMIZING THE INCIDENCE OF TAX BY ADJUSTING THE AFFAIRS IN SUCH A MANNER THAT ALTHROUGH IT IS WITHIN THE FOUR CORNER OF THE LAWS.
  5. 5. TAX EVASION : IT IS ILLEGAL AND UNETHICAL.
  6. 6. TAX PLANNING :
  7. 7. MEANING OF TAX PLANNING : TAX PLANNING CAN BE DEFIND AS AN ARRANGEMENT OF ONE’S FINANCIAL AND BUSINESS AFFAIRS BY TAKIN LEGITIMATELY IN FULL BENEFIT OF ALL DEDUCTIONS, EXAMPTIONS, ALLOWONCES AN REBATES SO THAT TAX LIABILITY REDUCES TO MINIMUM.
  8. 8. KEY POINTS TO BE REMEMBERED :-  ITS IS NOT AVOIDANCE TO PAYMENT OF TAX.  TAX PLANNING SHOULD NOT BE DONE WITH AN INTANT TO DEFRAUD THE REVENUE.  ALL TRANSACTIONS WITH RESPECT TO TAX PLANNING SHUOLD BE IN CORRECT FORM AND SUBSTANCE.  TAX PLANNING WORK WITHIN THE FRAMEWORK OF LOW AND ITS NOT ILLEGAL.
  9. 9. RIGHT TO PLAN TAX LIABILITY . THE SUPREME COURT HELD IN CASE OF MC DOWELL & CO. V CTO(1985) HAS SAID THAT IT IS TRUE THAT PLANNING MAY BE LEGITIMATE PROVIDED AND IT IS WITH FRAMEWORK OF LAW.
  10. 10. OBJECTIVE OF TAX PLANNING :  REDUCTIONS OF TAX LIABILITY.  MINIMISATION OF LITIGATION.  PRODUCTIVE INVESTMENT.  ECONOMIC STABILITY.
  11. 11. IMPORTANCE OF TAX PLANNING :  ITS HELPS TO DEAL WITH THE BURDENOF DIRECT AND INDIRECT TAXATION DURING INFLATIONS.  HELPS IN PROPER EXPENCES PLANNING, CAPITAL BUDGET PLANNING, SALES PROMOTION PLANNNING ETC.
  12. 12. ESSENTIALS OF TAX PLANNING :  UPTO DATE KNOWLEDGE OF TAX LAWS AND AWAARENESS OF JUDGMENTS MADE THROUGH VARIOUS DECISIONS OF THE COURTS.  THE DISCLOSURE OF ALL MATERIAL INFORMATION AND FURNISHING THE SAME TO THE IT DEPARTMENT.  TAX PLANNING SHOULD NOT JUST COMPLY LEGAL PROVISIONS AS STATED BUT SHOULD BE WITHIN THE FRAMEWORK OF LAW.
  13. 13. AREAS OF TAX PLANNING IN CONTEXT OF INCOME TAX ACT 1961:
  14. 14. 1. FOR INDIVIDUALS :
  15. 15. 2. AT THE TIME OF SETTING UP OF NEW BUSINESS ENTITY:  FORMS OF ORGANISATION/ OWNERSHIP PATTERN :  LOCATIONAL ASPECTS :  NATURE OF BUSINESS :
  16. 16. 3.FOR THE BUSINESS ENTITIES ALREADY IN EXISTENCE :  TAX PLANNING IN RESPECT OF CORPORATE RESTRUCTING.  TAX PLANNING IN RESPECT OF FINANCIAL MANAGEMENT.  TAX PLANNING IN RESPECT OF EMPLOYEES REMUNERATIONS.  TAX PLANNING IN RESPECT OF SPECIFIC MANAGERIAL DECISIONS.  TAX PLANNING IN RESPECT OF FOREIGN COLLABORATIONS AND JOINT VENTURE AGREEMENTS.  TAX PLANNING IN THE VARIOUS DOUBLE TAXATION AVOIDANCE AGREEMENTS.
  17. 17. THANK YOU

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