- Most important from tax planning point of view when you are thinking of starting a new business venture then first find out the tax entity in which your business should be started.
- The choice of an organization i.e taxable entity, business may be done through a proprietorship concern or firm or through a company.
- Taking advantage of various tax incentives and deductions.
Tax planning involves planning in order to avail all exemptions and deductions and rebates provided in act. The income tax law itself provides various methods for tax planning generally it provided under exemptions u/s 10, deductions u/s 80c to 80u , rebates and relief.
- Tax planning should be resorted at the source of income.
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