Tax planning is a vital part of your financial planning. Efficient tax planning enables you to reduce your tax liability to the minimum. This is done by legitimately taking advantage of all tax exemptions, deductions rebates and allowances while ensuring that your investments are in line with your long term goals. Tax planning is the duty of every responsible citizen of the country. Simply paying all the taxes as implicable on you is the one option and minimizing the Taxes through proper Tax planning is the other. Most people choose second option as it is a fundamental right of every citizen to avail all the tax incentives provided by the government. Tax planning is a legal process and not tax avoidance. It is a proper planning of you income sources and investments. Putting your money in 80C investments doesn’t mean tax planning. 11th hour investments done for tax planning just for the sake of saving tax liability is not the correct way to do it. There are ample ways to help you reduce your tax burden with appropriate options that suits your needs and serve the purpose in right manner. You should plan for well in advance with the help of Tax Expert. At MyFinPlanner, depending upon your age, social liabilities, tax slabs and personal preferences our team of experts help you decide right mix of investments by comparing advantages of several tax saving schemes. The criteria of selection of investments are Risk & Return, Liquidity, Protection from Inflation and Tax exemption. MyFinPlanner is focussed on your Tax planning and not Tax saving.
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