Question

Define Tax Planning and Management. Explain Nature and scope of Tax Planning and Management

Answer 1

Answer:

Tax planning is the analysis of a financial situation or plan from a tax perspective. The purpose of tax planning is to ensure tax efficiency. Reduction of tax liability and maximizing the ability to contribute to retirement plans are crucial for success.

In other words, it is the analysis of a financial situation from the taxation point of view. The objective behind tax planning is insurance of tax efficiency. Tax planning allows all elements of the financial plan to function in sync to deliver maximum tax efficiency. Tax planning is critical for budgetary efficiency.

hope it helps..

Answer 2

Answer:

Tax planning is the analysis of a financial situation or plan from a tax perspective. The purpose of tax planning is to ensure taxefficiency.

Reduction of tax liability and maximizing the ability to contribute to retirement plans are crucial for success.