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Tax Planning

Tax Planning​

Tax Planning

KSG Finserve offers Tax planning which is a legitimate way of reducing your tax liabilities in any given financial year. It helps you utilise the tax exemptions, deductions, and benefits offered by the authorities in the best possible way to minimise your liability.It is the analysis of one’s financial situation from the tax efficiency point-of-view. Tax planning is a focal part of financial planning. It ensures savings on taxes while simultaneously conforming to the legal obligations and requirements of the Income Tax Act, 1961. The primary concept of tax planning is to save money and mitigate one’s tax burden. Most people merely perceive tax planning as a process that helps them reduce their tax liabilities. However, it is also about investing in the right securities at the right time to achieve your financial goals.

Basic Process

Analyse client's Last year Returns

Create a Tax saving pattern

Execute the Planning

Report Client Regularly


You may not be able to do this on your own and hence it is best that you consult a tax advisor for professional advice. Tax planning is perfectly legitimate as long as it is within the realm of the rule book. In fact, it is your right to save taxes!

Interest paid on  personal loans is not tax deductible. If you borrow to buy a car for personal use or to cover other personal expenses, the interest you pay on that loan does not reduce your tax liability. Similarly, interest paid on credit card balances is also generally not tax deductible.

Effectively, you can switch between new and old tax regime at the time of filing ITR. … CBDT also clarifies that even if one opts for New Tax Regime and the same intimation is made to employer or Deductor, it shall be only for the purposes of TDS during the previous year and cannot be modified during that year.

While under the old tax regime the salaried individuals can continue paying taxes, as they had been doing till now; under the new regime, they will be liable to pay lower taxes, provided they forego their deductions and exemptions.

This is perhaps the most important aspect you need to factor in while planning your taxes. Remember, to plan your taxes you need to invest and these investments must be in sync with your overall financial plan. If your financial plan allows you to allocate up to 60% in equities, you can just keep buying ELSS funds for tax saving outside the ambit of your overall financial plan. When you make the tax plan a sub-set of your overall financial plan then you will ensure that your asset allocations are in sync.n.

Tax planning is not just about saving taxes but also about you use the money so saved. You need to achieve two purposes with tax planning. Apart from reducing your taxes also need to plan how you will productively utilize the money so saved. For example, if you are going to save Rs.12,000 per year by taking Health Insurance, then what are you going to do with the Rs.12,000 saved. That is like an income and needs to be accounted for.

Documents Required for Tax Planning

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