TAX PLANNING TECHNIQUES AND TAX

MANAGEMENT

SUBMITTED TO : Ms.RAJASREE VARMA

FACULTY: PRINCIPLE OF TAXATION
SUBMITTED BY : SARA PARVEEN
SEMESTER V
ROLL NO. 130

HIDAYATULLAH NATIONAL LAW UNIVERSITY,

RAIPUR

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TABLE OF CONTENTS
1. Acknowledgements .3
2. Introduction..4
3. Research Methodology.5
4. Objectives..5
5. Tax Planning..6
6. What Is Involved In Income Tax Planning And Different Tax Planning Stratergies10
7. Different Aspect Of Direct Tax Planning...13
8. Tax Management.15
9. Objective of Tax Management....16
10. Importance Of Tax Management For Corporate Philosophy..16
11. Difference between Tax Planning and Tax Management....17
12. Conclusion....19
13. Bibliography..21

ACKNOWLEDGEMENTS
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At the outset, I would like to express my heartfelt gratitude and thank my teacher, Ms. Rajasree
Varma for putting her trust in me and giving me a project topic such as this and for having the
faith in me to deliver. Maam, thank you for an opportunity to help me to grow.
My gratitude also goes out to the staff and administration of HNLU for the infrastructure in the
form of our library and IT Lab that was a source of great help for the completion of this project.
Sara Parveen
Semester V

INTRODUCTION

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The Income-tax Act, 1961 is the charging Statute of Income Tax in India. It provides for levy,
administration, collection and recovery of Income Tax. Recently the Government of India has brought out
a draft statute called the "Direct Taxes Code" intended to replace the Income Tax Act,1961 and the Wealth
Tax Act, 1956. Public Commentary has been called for the Draft Bil. ]The redrafted bill is supposed to be
made public soon.

SCOPE OF TOTAL INCOME

1) Subject to the provisions of this Act, the total income of any previous year of a person
who is a resident includes all income from whatever source derived which(a) is
received or is deemed to be received in India in such year by or on behalf of such person ;
or(b) accrues or arises or is deemed to accrue or arise to him in India during such year ;
or(c) accrues or arises to him outside India during such year :Provided that, in the case of
a person not ordinarily resident in India within the meaning of sub-section (6) of section
6, the income which accrues or arises to him outside India shall not be so included unless
it is derived from a business controlled in or a profession set up in India.(2) Subject to a
the provisions of this Act, the total income of any previous year of a person who is a nonresident includes all income from whatever source derived which(a) is received or is
deemed to be received in India in such year by or on behalf of such person ; or(b) accrues
or arises or is deemed to accrue or arise to him in India during such year. Explanation 1.
Income accruing or arising outside India shall not be deemed to be received in India
within the meaning of this section by reason only of the fact that it is taken into account
in a balance sheet prepared in India.

2.For the removal of doubts, it is hereby declared that income which has been included
in the total income of a person on the basis that it has accrued or arisen or is deemed to
have accrued or arisen to him shall not again be so included on the basis that it is received
or deemed to be received by him In.1

1 http://en.wikipedia.org/wiki/The_Income-tax_Act,_1961
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RESEARCH METHODOLOGY
This project report is an analytical and descriptive study on Inquiry, Investigation and Trial.
Secondary sources have been referred to and electronic sources have been used at large to
gather information about the topic.
Books and other references as guided by the faculty of Criminal Law have been useful in
giving this project its basic structure and details. Websites, article and dictionaries have also
been used.
Footnotes have been provided wherever needed to acknowledge the source of information.

OBJECTIVES

To study in brief what is tax planning and its related techniques.

To study about tax management and the difference between tax management and tax

planning.
To study about the importance of tax planning and tax management.

TAX PLANNING

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There is nothing which hurts more than payment of taxes. One question that goes through every
tax payers mind is how can I reduce my tax liability? Reducing tax liability is not always a
bad or illegal exercise.
Tax planning can be defined as an arrangement of ones financial and business affairs by taking
legitimately in full benefit of all deductions, exemptions, allowances and rebates so that tax
liability reduces to minimum. tax Planning involves planning in order to avail all exemptions,
deductions and rebates provided in Act. The Income Tax law itself provides for various methods
for Tax Planning, Generally it is provided under exemptions u/s 10, deductions u/s 80C to 80U
and rebates and reliefs. Some of the provisions are enumerated below :
Investment in securities provided u/s 10(15) . Interest on such securities is fully exempt from tax.

Exemptions u/s 10A, 10B, and 10BA

Residential Status of the person
Choice of accounting system
Choice of organization.

For availing benefits, one should resort to bonafide means by complying with the provisions of
law in letter and in spirit.
Where a person buys machinery instead of hiring it, he is availing the benefit of depreciation. If
is his exclusive right either to buy or lease it . In the same manner to choice the forms of
organization, capital structure, buy or make products are the assesses exclusive right. One may
look for various tax incentives in the above said transactions provided in this Act, for reduction
of tax liability. All this transaction involves tax planning.
Tax Planning is resorted to maximize the cash inflow and minimize the cash outflow. Since Tax
is kind of cast, the reduction of cost shall increase the profitability. Every prudence person, to
maximize the Return, shall increase the profits by resorting to a tool known as a Tax Planning.
Tax Planning should be done by keeping in mine following factors :
The Planning should be done before the accrual of income. Any planning done after the accrual
income is known as Application of Income an it may lead to a conclusion of that there is a
fraud.Tax Planning should be resorted at the source of income.
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The Choice of an organization, i.e. Taxable Entity. Business may be done through a
Proprietorship concern or Firm or through a Company.
The choice of location of business , undertaking, or division also play a very important role.
Residential Status of a person. Therefore, a person should arranged his stay in India such a way
that he is treated as NR in India.
Choice to Buy or Lease the Assets. Where the assets are bought, depreciation is allowed and
when asset is leased, lease rental is allowed as deduction.
Capital Structure decision also plays a major role. Mixture of debt and equity fund should be
balanced, to maximize the return on capital and minimize the tax liability. Interest on debt is
allowed as deduction whereas dividend on equity fund is not allowed as deduction
The Central Government has been empowered by Entry 82 of the Union List of Schedule VII of
the Constitution of India to levy tax on all income other than agricultural income (subject to
Section 10(1)).[1] The Income Tax Law comprises The Income Tax Act 1961, Income Tax Rules
1962, Notifications and Circulars issued by Central Board of Direct Taxes (CBDT), Annual
Finance Acts and Judicial pronouncements by Supreme Court and High Courts.
Various methods of Tax Planning may be classified as follows :
1. Short Term Tax Planning : Short range Tax Planning means the planning thought of and
executed at the end of the income year to reduce taxable income in a legal way. Example :
Suppose , at the end of the income year, an assesse finds his taxes have been too high in
comparison with last year and he intends to reduce it. Now, he may do that, to a great extent by
making proper arrangements to get the maximum tax rebate u/s 88. Such plan does not involve
any long term commitment, yet it results in substantial savings in tax.
2. Long Term Tax Planning : Long range tax planning means a plan chalked out at the
beginning or the income year to be followed around the year. This type of planning does not help
immediately as in the case of short range planning but is likely to help in the long run ;e.g. If an
assesse transferred shares held by him to his minor son or spouse, though the income from such
transferred shares will be clubbed with his income u/s 64, yet is the income is invested by the son
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or spouse, then the income from such investment will be treated as income of the son or spouse.
Moreover, if the company issue any bonus shards for the shares transferred, that will also be
treated as income in the hands of the son or spouse.
3. Permissive Tax Planning: Permissive Tax Planning means making plans which are
permissible under different provisions of the law, such as planning of earning income covered
by Sec.10, specially by Sec. 10(1) , Planning of taking advantage of different incentives and
deductions, planning for availing different tax concessions etc.
4. Purposive Tax Planning : It means making plans with specific purpose to ensure the
availability of maximum benefits to the assesse through correct selection of investment, making
suitable programme for replacement of assets, varying the residential status and diversifying
business activities and income etc.2The government of India imposes an income tax on taxable
income of all persons including individuals, Hindu Undivided Families (HUFs), companies,
firms, association of persons, body of individuals, local authority and any other artificial judicial
person. Levy of tax is separate on each of the persons. The levy is governed by the Indian
Income Tax Act, 1961. The Indian Income Tax Department is governed by CBDT and is part of
the Department of Revenue under the Ministry of Finance, Govt. of India. Income tax is a key
source of funds that the government uses to fund its activities and serve the public. The Income
Tax Department is the biggest revenue mobilizer for the Government. The total tax revenues of
the Central Government increased from 1392.26 billion in 1997-98 to 5889.09 billion in
2007-08. There are legitimate ways to reduce taxes through proper tax planning and such
methods are always encouraged. But unfortunately, there is also a tendency to reduce tax through
illegal methods. They are not accepted practice and can invite problems.

The main objectives in any exercise on tax planning are to :

1. Avail all concessions and reliefs and rebates permissible under the Act.
2 http://incometaxmanagement.com/Pages/Tax-Management-Procedure/5-1Meaning-of-Tax-Planning.html
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2. Arrange the affairs in a commercial way to minimize the incidence of tax.

3. Claim maximum relief where taxes are paid in more than one country.
4. Become tax compliant and avoid penalties, prosecutions and interest payments.
5. Fruitful investment of savings.
6. Timely compliance of procedural requirements like tax audit, TDS, TCS, etc.
7. Appropriate record keeping
8. Avoidance of litigation.
9. Growth of economy and its stability.
10. Pay taxes not a penny more, not a penny less.3

3 http://incometaxmanagement.com/Pages/Tax-Management-Procedure/5-1Meaning-of-Tax-Planning.html
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WHAT IS INVOLVED IN INCOME TAX PLANNING AND

DIFFERENT TAX PLANNING STRATERGIES
Income tax planning are the strategies that an individual or business devises to minimize tax
payments. It involves devising and putting a plan in place on minimizing tax payments. The
other part involved in income tax planning is tax management, which is essentially, the
implementation of the income tax planning strategies.
There are two primary strategies involved with income tax planning. The first strategy is to
minimize the income tax liability of the individual or the business. The second primary strategy
is to plan out and fulfill financial goals without increasing the tax liability of the people or
business involved in the income tax planning process.
In order to reach the goals set in the income tax planning strategies, there are three primary steps
that individuals and businesses have to take. The first step is to plan the strategy so that the
individual or business pays the least amount of taxes on the transaction as possible.
For example, in determining which retirement savings account is the best one for the individual
or the employees of the company, the personal financial situation of each person should be
considered. An individual retirement plan (IRA) may meet the financial goals of some
individuals, but it may take a Roth IRA to meet the goals of other types of individuals. Part of
income tax planning is determining which types of actions, accounts and transactions provide the
best tax outcome.
Income tax planning not only involves reducing the tax liability on income, but it also requires
the individual or the business to defer income. When the individual determines the best ways to
defer income, they are also figuring out the best ways to defer the tax liability of their actions as
well. For example, a financial advisor may tell an individual to take a capital gain by selling an
investment to use as this as a tax advantage in a particular year.
Finally, tax planning involves determining the deductions that are permitted under the law.
Individuals and businesses should look for ways to maximize the tax deductions they can take.
Individuals and businesses should also look for the maximum number of ways possible to take

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deductions. The more legal deductions an individual or business can take, the lower the taxable
income is and the lower the tax obligation is, which is the ultimate goal of income tax planning.4

DIFFERENT TYPES OF TAX PLANNING STATEGIES

The goal of all tax planning strategies is to minimize an individuals or business total tax
liability for the year while also meeting personal or business financial goals. In order to achieve
these goals, comprehensive research and exacting record keeping are essential elements of all
types of successful planning strategies. An individual may not need to use every type of tax
strategy, but having a broad knowledge of tax issues will assure that he minimizes his tax
liability and prepares an accurate return. Whether it is taking advantage of current educationrelated tax credits or understanding the intricacies of depreciation, each strategy relies on
thorough research and meticulous recordkeeping.
Investigating all aspects of income taxes concentrating on the areas that pertain to the
individuals financial situation is the most important tax planning strategy. Many credits,
deductions and limits on retirement or health savings accounts contributions change from year to
year. Taxpayers often remain unaware of these changes and miss opportunities that they would
qualify for. The most accurate and updated information can be accessed through the federal, state
or local tax entity. For citizens of the United States, the Internal Revenue Service (IRS) offers an
extensive collection of publications covering every area of individual and business taxes.
Whether using a tax professional, accountant, or self-preparing the return, implementing tax
planning strategies and maintaining records throughout the year provides the individual or
business with the necessary tools to minimize tax liability. This second important tax planning
strategy allows the individual or business to accurately track their progress on their goals through
precise record keeping. It also assures nothing is missed when it is time to prepare the tax return.
Spreadsheets and financial software are tax-planning tools that help organize information. The
software expense may be tax deductible.
Although the first two tax planning strategies apply to everyone, others are applicable depending
on the individuals financial situation. Making sure that pre-tax contributions to retirement and
4 http://www.wisegeek.com/what-is-involved-in-income-tax-planning.htm
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health savings accounts are maximized and done within the allowed time span may help lower
any tax liability. Homeowners should use strategies that take advantage of any credits available
for expenses related to their residences. For example, property taxes and interest on mortgages
are usually deductible expenses. Special tax credits may be temporarily available for
improvements that increase the energy efficiency of the home, so taking advantage of these can
also reduce tax liability.
College students, their families and anyone taking coursework should be aware of changes to the
credits and deductions available for education-related expenses. The treatment of investment
income and losses may change, too, so individuals might make advantageous adjustments based
on current rules. Other tax planning strategies involve medical expenses, charitable contributions
and adjustments to tax withholding amounts. Many people are unaware that deductions can be
taken up to the amount of any earnings related to a hobby. In the same manner, gambling losses
can be deducted up to the amount of gambling winnings.5

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DIFFERENT ASPECT OF DIRECT TAX PLANNING

The provisions of the Income-Tax are contained in the Income-Tax Act, 1961 (the Act), which
extends to whole of India and is operative from the 1st day of April, 1962(the Rules). The Act
provides for determination of taxable income, tax liability, procedures for assessment, appeals,
penalties, interest levies, the tax payment schedules and its determination, refunds and
prosecutions. Depending upon Government polices certain income is exempted from tax, for
example SEZ (Special Economic Zone) units income, Agriculture income, etc. and deduction are
also provided on fulfillment of prescribed criteria. Provisions relating to such exemptions and
deduction are also contained in the Act. Corporate form of business is much in vogue. Therefore,
certain taxes specific to companies like Tax on Book profit (115JB), tax on Dividend Distributed
(115O), are levied. At times in Cross border transactions income earned get exposed to tax in
India as well as in some other countries. Provisions for upholding relief from double taxation are
also made in the Income Tax Act.
The Act also lays down the powers duties of various income-tax authorities. Being revenue
legislation, the act is amended once a year through union budgets and the finance bill is normally
presented to the Parliament for approval around February. The Act has empowered the Central
Board of Direct Taxes (CBDT) to frame the rules and these rules are implemented after
necessary Gazette notifications. The CBDT also issues circulars and clarifications from time to
time for implementation by the income-tax authorities by virtue of section 119, which gives such
rule making powers to the CBDT. It is impracticable for the Act to provide exhaustively for
everything relating to limits, conditions, procedures, forms and various other aspects. Therefore
this power has been delegated to CBDT and thus periodical changes and modification by an
executive authority is facilitated. The power to frame rules is vested with the Board u/s 295 of
the Act and the word prescribed used in section 2(33) means what is prescribed by rules made
under the Act. The Income-Tax Act gives definitions of the various terms expressions used in the
Act. Unless the context otherwise requires, these definition should be applied. The words
means includes and means and includes are used in these definitions and the significance of
these terms needs to be understood. When a definition uses the word means the definition is
self-explanatory, restrictive and in a sense exhaustive. It implies that the term or expression so
defined means only as to what is defines as and nothing else. For example, the terms agricultural
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income assessment year capital asset, are exhaustively defined. When the legislature wants to
widen the scope of a term or expression and where an exhaustive definition cannot be provided,
it uses the word includes in the definition. Generally an inclusive definition provides an
illustrative meaning and the definition could include what is not specifically mentioned in the
definition so long as the stipulated criteria are satisfied. To illustrate refer to the definitions of
income, person, transfer in the Act. When the legislature intends to define a term or
expression to mean something and also intends to specify certain items to be included, other the
words means as well as includes are used. Such definition is not only exhaustive but also
illustrative in specifying what is intended to be included. Sometimes specific items are included
in an exhaustive definition in order to avoid ambiguity and to provide clarity. Please refer to
definitions of assesse, Indian company, recognized provident fund, under the Act. Further
any decision given by the Supreme Court also becomes a law on the subject and will be binding
on all the courts, tribunals, income-tax authorities as well as the taxpayers. In case of apparent
contradictions in the Supreme Court rulings, the following rules may have to be followed:1. The decision of the larger bench would prevail.
2. The principle of the later decision shall prevail, where the decisions are by equal number if
judges.
Decisions given by High Courts are binding on all taxpayers and It authorities, which fall under
its jurisdiction till it is overruled by higher authority.

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TAX MANAGEMENT
Planning which leads to filing of various returns on time, compliance of the applicable
provisions of law and avoiding of levy of interest and penalties can be termed as efficient tax
management. In short, it is an exercise by which defaults are avoided and legal compliance is
secured. Through proper tax planning and management, the penalty of upto `100000 for delay in
furnishing of tax audit reports u/s 44AB can be avoided.
Similarly by applying for Permanent Account Number (PAN), the penalty under the Act can be
avoided. The borrowal of loan otherwise than by way of an account payee cheque or bank draft
attracts 100% penalty and this can be avoided by conscious planning of the execution of loan
transactions. Planning is a perception conceived on legitimate grounds and achieved through
genuine transactions within the framework of law e.g. contribution to Public Provident Fund and
claiming rebate u/s 88 of the Act. The filing of the returns with all proper documentary evidence
for the various claims, rebates, reliefs, deductions, income computations and tax liability
calculations would also be termed as tax management. Assessee is exposed to certain unpleasant
consequences if obligations cast under the tax laws are not duly discharged. Such consequences
take shape of levy of interest, penalty, prosecution, forfeiture of certain rights,etc.Therefore, any
effort in tax planning is incomplete unless proper discharge of responsibilities is not made.

Tax management includes:

Compiling and preserving data and supporting documents evidencing transactions, claims, etc.,
making timely payment of taxes e.g. advance tax, self assessment tax, etc., TDS and TCS
compliance, following procedural requirements e.g. payment of expenses or acceptance of loans
or repayment thereof, over ` 20,000 by account payee bank cheque or bank draft, etc.
,compliance with the prescribed requirements like tax audit, certification of international
transactions,etc., timely filing of returns, statements, etc , responding to notices received from
the authorities., preserving record for the prescribed number of years ,mentioning PAN, TAN,
etc. at appropriate places. , responding to requests for balance confirmation from the other
assessees.

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OBJECTIVES OF TAX MANAGEMENT

The declared objective of medium term and long term tax planning and optimization is to make
significantcontribution to the companys success and support value oriented corporate manageme
nt. This can be achieved only, if the component (value driver) taxes is managed pro-actively. The
aim is to determine a group tax rate that is as optimal as possible and to plan, realize and finally
to maintain in the long term all measures necessary to achieve this target. The latter entails, as
already mentioned, increased efforts, because it is becoming ever more difficult to recognise
scope for tax creativity and at the same time to retain room for flexibility. In addition to planning
tax costs in individual locations (countries, regions e.g. cantons) and the groups overall tax
burden, ultimately the tax burden of every single shareholder must be optimized.

IMPORTANCE OF TAX MANAGEMENT FOR CORPORATE

PHILOSOPHY
In the context of corporate activity rather little significance continues to be attached to tax
planning, although it is one, even if not the most important, component of strategic corporate
planning. Tax planning means in this sense optimizing, not eliminating, taxes. A companys tax
structure must be systematic and consistent in itself. Of crucial significance for success is that the
tax structures are kept as simple as possible and are understood right up to the front line6

6 http://www.scribd.com/doc/126202634/Tax-Management-Bauchli
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DIFFERENCE BETWEEN TAX PLANNING AND TAX

MANAGEMENT
While tax planning and tax management correlate with each other, the two aspects of taxes have
several differences. The primary difference between tax planning and tax management is the time
frame in which each part is conducted. The tax planning takes place ahead of time, while the tax
management is the implementation of the plan.
The first primary difference between tax planning and tax management is the requirements.
While tax planning is not a requirement for either a business or individual, tax management is a
requirement. Every individual and business in the United States is required to manage taxes,
which includes filing the appropriate state and federal tax returns.
The second primary difference between tax planning and tax management is about tax liability.
When a business or individual goes through the tax planning process, they are trying to minimize
the tax liability of the entity by planning deductions, purchases and expenses ahead of time. Tax
management, however, involves making sure that when the tax plan is implemented, that it is
according to the tax laws and regulations.7
The third difference between tax planning and tax management pertains to liabilities. Tax
planning involves taking the actions necessary to minimize the tax liabilities of the business or
the individuals. Tax management on the other hand is about avoiding the payment of interest or
fees for not abiding by the tax laws and regulations.
The fourth difference between tax planning and tax management is the time frame. Tax planning
is an action that is taken in the present but relates to the future. Tax management, on the other
hand, encompasses the past, present and future. this includes tracking past sales, deductions,
assets and more, making current tax payments and preparing tax documents for any future
payments that must be made.

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While there are plenty of differences between tax planning and tax management, there is also one
primary similarity. The primary similarity between tax planning and tax management is that tax
planning is a subset, or a part, of tax management. When an individual or business is in the
process of tax planning, they are also taking into account all of the aspects of tax management,
including tax deductions, proper auditing of the accounting files and records, putting together
and filing the tax return documents on time and planning for tax scenarios that may come up
during that particular tax year.8

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CONCLUSION
Tax planning is an integral piece of a proper financial plan. The fact is many people do
not concentrate on tax planning. I have seen this truth in my practice through new clients who
often tell me, My tax guy never talked to me about how to lower my tax bill through tax
planning. Most folks handle their taxes in a reactive manner versus a proactive approach. They
dump their tax documents on the tax preparers desk and hope for the best. This is a recipe for
disaster.Understanding the impact taxes will have on your financial well-being is essential,
especially for those who are self-employed. Take time to plan for the current year and make
adjustments to create positive momentum. There are always new laws and changing provisions
in the tax code, which, again illustrate the importance of planning.9
In the current business environment tax planning has relevance for all individuals including the
people dealing in shares, house property, salaried, business owners and also income from other
sources.
Why tax planning is necessary for the salaried employees? This question is the headache of
almost all individual. Proper tax planning will help the salaried employee to save tax in order to
save its hard earn money. It also helps the individual to save tax at the end of the assessment year
if they invest in certain long term investments.

But if they do not do proper tax planning ultimately end up in paying higher tax. You can reduce
your tax liability by arranging your financial incomes and investments in such a way as to enjoy
the maximum tax benefits by making use of all the beneficial provisions and tax incentives,
which are incorporated in the tax laws that entitle you to rebates and concessions. Most of the tax
incentives oriented, and not only saves your tax also boost the economy of the country in the
long run.

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Tax planning is both perfectly legal and encouraged by tax authorities. So in the current business
environment tax planning has relevance and provides placement opportunities such as:
1. Direct tax planners
2. Indirect tax planners
3. Tax planning consultants
4. Taxation consultant
5. Financial planners
In the field of finance tax planning forms part of the financial planning so it comprises the most
of the part of the individual to understand the imposition of tax liability in order to give the
importance of tax in the field of finance.10

10 http://www.managementparadise.com/forums/financial-management-fm/202178importance-tax-planning.html
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BIBLIOGRAPHY

http://www.wisegeek.com/what-is-the-difference-between-tax-planning-andtax-management.htm

http://www.scribd.com/doc/126202634/Tax-Management-Bauchli
http://www.wisegeek.com/what-are-the-different-types-of-tax-planningstrategies.htm

http://www.wisegeek.com/what-is-involved-in-income-tax-planning.htm
http://incometaxmanagement.com/Pages/Tax-Management-Procedure/5-1-Meaningof-Tax-Planning.html
http://incometaxmanagement.com/Pages/Tax-Management-Procedure/5-1Meaning-of-Tax-Planning.html

http://www.managementparadise.com/forums/financial-management-fm/202178importance-tax-planning.html
http://vhfinancialmanagement.com/2009/04/21/9

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