Guide to .. Tax Management ,Tax Planning and Tax Saving

 

 

The Difference Between ‘Tax Planning’ And ‘Tax Management’

THE DIFFERENCE BETWEEN ‘TAX PLANNING’ AND ‘TAX MANAGEMENT’ .

Tax Planning

Tax Management

(i)  The Objective of Tax Planning is to minimize the tax liability

The objective of Tax Management is to comply with the provisions of Income Tax Law and its allied rules.

(ii)  Tax Planning also includes Tax Management

Tax Management deals with filing of Return in time, getting the accounts audited, deducting tax at source etc.

(iii)  Tax Planning relates to future.

Tax Management relates to Past ,. Present, Future.
Past – Assessment Proceedings, Appeals, Revisions etc.
Present – Filing of Return, payment of advance tax etc.
Future – To take corrective action

(iv)  Tax Planning helps in minimizing Tax Liability in Short-Term and in Long Term.

Tax Management helps in avoiding  payment of interest, penalty, prosecution etc.

(v)  Tax Planning is optional.

Tax Management is essential for every assessee.

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