Question

Difference between tax planning and tax management explain in brief

Answer 1

THE DIFFERENCE BETWEEN 'TAX PLANNING' AND 'TAX MANAGEMENT' . ... (iv) Tax Planning helps in minimizing Tax Liability in Short-Term and in Long Term. Tax Management helps in avoiding payment of interest, penalty, prosecution etc.

Relative to this primary difference, tax planning is never a requirement while tax management is. ... Finally the most important difference between the two is that tax planning is an act done by the financial managers in the present time but to be implemented in the future.