Tax Planning

Tax Planning does not imply Tax Evasion by fraudulent means, but by proper tax planning, which is a basic duty of every individual. A basic tax planning exercise involves three steps:

  • Calculate your taxable income under all heads
  • Calculate tax payable on gross taxable income for whole financial year using a simple tax rate table
  • After you have calculated the amount of your tax liability. You have two options to choose from:
    a. Pay your Tax
    b. Minimise your tax through prudent tax planning

Most people rightly choose the second option. However, they are not sure, if it is the best plan.

Welcon conducts a prudent Tax Planning is a rigorous process of comparing various tax saving schemes, depending upon age, social liabilities, tax slabs, preferences, asset mix, risk appetite, liquidity and horizon which shall reduce the tax liability to the minimum.