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5 Golden Rules Of Tax Planning

 

Just as rules are important for good living so also there are some golden rules of tax planning. The five simple yet effective golden rules of tax planning are:


1.       Spread the taxable income among various members in your family;


2.       Take full advantage of tax exemptions available under the law;

 

3.       Take full advantage of permissible tax deductions and rebates available on stipulated tax-saving investments;

 

4.       Make optimum use of tax-exempted incomes; and


5.       Simple tax planning is smart tax planning.
 
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The first step in tax saving is to adopt the concept of divide and rule. The simple rule is that each family member must have his or her independent source of income so as to legally become an independent tax payer under the provisions of the income tax law.
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The second step of tax planning lies in claiming all the exemptions and deductions which are permissible under the Income Tax Law. A list of most such exemptions and deductions is contained in Section 10 of the Income Tax Act.

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Various tax deductions are available under the I.T. Law. One should try to avail of the benefit of these deductions for each and every member of the family.

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There are innumerable incomes under the Income Tax Law which are exempted from the purview of tax. These incomes are known as exempted incomes.

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Easy, simple, hassle-free should be the objectives of your tax planning approach. The message which we want to bring to you is that you should adopt tax planning but never overdo it;

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