“Exercising vigilance while tax planning is essential for successful business in today’s unforeseeable global economy”
Tax planning is a pivotal ingredient of Financial planning and Financial Reporting. It gives Companies & individuals an edge over others while focusing on managing and preserving their businesses, strategic objectives and wealth and of course, also keeps them complied with legal requirements.
What we offer –
Tax advisory and Tax planning –
• Business Taxation
• International Taxation
• Transfer Pricing
• Capital Gains
• Professional Tax
• Drafting & filing of replies to notices under IT Act and liaising with Tax Authorities
• Representations before Tax Authorities
• Appeals at Tribunals and Courts
• Personal Tax
• Private Client Services
• Trust, Estate, and Succession Planning
• Tax Planning for Retirement plans
• Tax gain-loss harvesting
Tax computation & filings –
• Income Tax Returns
• Advance Tax
• Tax Deducted at Source (TDS) returns
• GST returns
• Excise and customs
What Is Tax Planning?
Tax planning is to have a long term tax strategy to achieve effective tax minimisation and to establish overall objectives including annual/ mid-year tax forecasting, keeping complied with changing regulations and developments.
Tax Planning VS Tax Evasion – Do you know the Difference?
Both are the tools of reducing the tax payable, but, the major and foremost difference between them is tax planning is legal, while tax evasion is illegal.
Our approach –
No one likes to pay Taxes, but if something binds you under the jurisdiction of law, it becomes more of a responsibility and less of an obligation. JILIAN has a team of tax professionals equipped with knowledge and experience necessary to ensure the safety our clients; we plan the tax payments in such way so as to avoid the tax payment by complying with the provision of law but defeating the intension of the law. We can serve both foreign and domestic entities and individuals while opting only legal tax practices.
Our team of experts have enough resources to keep our clients compliant with ever changing laws and regulations. Our partners/ Tax professional will be dealing with you head to head with flexible hours, flexible locations and guaranteed results. And, amidst the Covid-19 pandemic, JILIAN has an efficient business continuity plan in place along with keeping in mind our ginormous responsibility of safe guarding the health of our employees and of course, our clients and therefore, ensure to keep our client service process hassle-free and flexible.
Types of Tax Planning
Following are some of the various methods of tax planning:
Tax planning is done at the end of the fiscal year.
Tax Planning is done at the beginning of the fiscal year.
Tax Planning falls under various provisions of the Indian taxation laws.
Tax Planning with a specific objective.
Some common Tax saving sections under Income Tax Act, 1961 –
Section 80C- You can claim a deduction of Rs 1.5 lakh from your total income under section 80C. In simple terms, you can reduce up to Rs 1,50,000 from your total taxable income, and it is available for individuals and HUFs. Equity-linked savings schemes (ELSS), LIC, PPF, tuitions fees etc, are some of the deductable investments.
Under this section, taxpayers are offered deductions on the premium paid towards health insurance policies. Under Section 80D, a taxpayer can claim the following amounts as deductions:
• Avail up to Rs25,000 on the premium paid towards health insurance for self, children, or spouse
• Avail up to Rs50,000 if your parents are also covered under your health insurance plan
• If either of your parents belongs to the senior citizen bracket, then a maximum deduction of Rs75,000 is allowed
Section 80E offers tax deductions on the interest paid for an education loan. These deductions can be claimed for eight years starting from the date of repayment. There is no upper limit on the deductible amount. This means that an assessee can claim the entire amount paid as interest from the taxable income.
Claiming HRA Exemption
Under HRA, taxpayers can avail exemption on the cost incurred to stay in a rented accommodation. The taxpayer is mandated to furnish the rent receipts provided by the landlord. The deduction available is the least of the following amounts:
• Actual HRA received; or
• 50% of basic salary+DA (dearness allowance) for taxpayers living in metro cities; & 40% of (basic salary + DA) for taxpayers residing in non-metro cities; or
• Total rent paid less 10% of basic salary + DA