Tax planning among salaried assessees - Sunnykutty Thomas - Bog

Planning your taxes is more of an art than a science. It involves careful planning of what a tax payer does to avoid, lower, or put off paying taxes. It is possible if you take advantage of legal discounts, rebates, and other breaks. Tax planning is setting up your finances and investments so that you can get the most tax benefits by using all the good parts of the tax law. Tax laws offer tax payers incentives and benefits that help them reach certain social and economic goals. So, someone who uses all of the helpful provisions not only lowers his tax bill but also helps the government reach its social goals.
No court in the world can take away your right to plan your taxes.
So, one can plan his life so that he pays the least amount of tax. Tax planning might be legal as long as it does not break the law. Colorful gadgets can't be used for tax planning, and it's wrong to encourage or entertain the idea that it's okay to avoid paying taxes in shady ways. Every citizen must pay their taxes honestly and not try to get out of it.