For Whom Tax Planning is Important in India?

Every 31st March marks the day of filing the income taxes to the country’s taxation authority and a lot of levied personnel face legal and financial complications while calculating and filing the taxes. It is why the area called tax planning has become very much essential and prevalent in recent days.

What is Tax Planning?

Tax planning or tax consultancy is the systematic financial process to help taxable individuals and organizations in terms of saving taxes and hard-earned money in a legal way with the help of professional tax consultants or tax planners.

In the contemporary world, every country heavily depends on the collected tax amounts from its citizens and organizations to initiate and implement the Govt. policies, plans, and proposals. In India, the taxation system is almost identical to this and the coinage being collected as the form of income tax is playing a major role in the working structure of the Indian Govt.

For whom the tax planning is important?

Following the financial pundits’ insights, tax planning is important for every individual and business organization liable to pay taxes to the Govt. of India. Thus, each salaried person, businessman, and landowners can conduct the tax planning before filing the levied amounts.  

As per the legal provisions of the Indian Govt.’s Income Tax Act, 1961, the following individuals and groups are mandated to file the income taxes:

1. A salaried person with more than Rs. 2,50,000 annual income
2. Senior taxpayers (between the age 60-80 years) with more than Rs. 3,00,000 annual income
3. Super senior taxpayers (above the age of 80 years) with more than Rs. 5,00,000 annual income
4. Individuals holding foreign properties
5. Holding investments in unlisted equity shares
6. Director in a Company operating a business in India
7. Having income from sources outside India
8. Having a business or professional income computed on a ‘presumptive basis’
9. Persons including companies like charitable or religious trust, political party, scientific research association, news agency, hospital, trade union, educational institutes, NGO, or any similar organization.
    

If you find yourself in the above list, then the country’s recommended CAs and taxations experts at Online Legal India™ would provide you the complete assistance in tax planning & consultancy, online bookkeeping, income tax filing, and on any other tax-related matter.