Tax Saving

Tax Saving

Through proper tax planning, you will not only lower amounts of tax payments with respect to basic taxes, but you'll also create a wealth stream for achieving long term goals.
In other words investing in Equity Linked Savings Scheme may result in greater savings for one person while investing in PPF may result in better tax saving for another person. The Tax saving strategy should be finalised on an individual basis after discussion
We consider “Tax planning should be seen as part of financial planning and not be addressed in isolation"
Tax planning should be mapped to your overall financial goals and objectives. Also, planning to save your taxes should be an annual exercise whether you earn your income from salary or business."
Tax planning has two parts: a) Reducing your tax liability on the different types of income earned by you such as salary, interest and so on. b) Reducing your tax liability by investing in tax saving instruments which directly reduces the tax payable on your income.

How are tax planning and financial planning connected?

Financial planning is the art of implementing strategies that help you reach your financial goals, be they short-term or long-term. That sounds pretty simple. However, if the actual execution was simple, there would be a lot more rich folks.
Tax planning and financial planning are closely linked, because taxes are such a large expense item as you go through life. If you become really successful, taxes will probably be your single biggest expense over the long haul. So planning to reduce taxes is a critically important piece of the overall financial planning process.