Use BookMyEssay:Taxation Planning Assignment Help

Taxation planning included in The tax system is an important subject to study. In India this subject is included in one way or the other in diploma, bachelor's, master's or doctoral level. Students learn about corporate tax, tax liability, income tax etc.

The term 'taxation' applies to all, from incomes to capital gains to estate gains. Taxation is referred to as an act and the revenue generated from it is called 'Tax'.

Taxation is different from other forms of payment as it does not require consent. It is not directly tied to any services performed. Taxation occurs on both physical assets like property and specific events like sales transactions.

The academic assignment help provided by BookMyEssay, takes into account all the features of taxation. Whilst providing Taxation planning assignment help, the definition features of taxation are included to give a better understanding.

Why are Taxes Levied?

There are different types of taxes levied by authorities on the public globally. Taxes are levied primarily to fulfill things government does for running the country. The various purposes for which the taxes are used by the government varies from medical benefits, public transportation, roads, country's defense, calamities, country's development in terms of space exploration, setting up of clean and green cities to providing low cost services to the financially poor public of the country.

What is Taxation Planning?

It is the study of the financial situation so as to allow you to pay lowest taxes possible. A plan that minimizes the amount of tax you pay the government is called tax efficient plan. What should be important in tax planning is decreasing of tax liability and maximum contribution to retirement plans.

How Does Tax Planning Works?

The various points that are covered in tax planning are:

• Timing of income
• Size of income
• Timing of purchases
• Planning for other expenditures
• Selection of investment
• Types of retirement plans

These points should have considered while tax filing to reap maximum benefits.

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Tax Planning Objectives

Reducing Tax Liability: The government aims at increased amount of tax submission from individuals and businesses. They come up with different types of legal ways so that you pay maximum taxes. But, you can always find ways to save taxes within legal limits.

Productive Investment: Tax planning to be done in a way that funds from taxable sources are diverted to income generating plans. In short, trying to get most beneficial tax saving plan.

No Legal Action: Adopting legal ways to reduce tax burden. Nobody wants to go out of the way to save taxes and face legal actions.

Right type of Investment: The tax payer should make sure that they invest in the right type of investment plan, so that their money takes right direction. Thus, there is mutual growth that is they grow with the growth of the finances.

On Time Tax Payment: The tax payers should make sure that they pay taxes on time. This ensures that government gets the money on time and is able to invest in the growth of the nation whenever and wherever required. This brings stability to the nation which in turn brings stability for the individual and business.

Academic writing solution providers BookMyEssay, delivers quality taxation planning assignment help to individuals, who connect to BookMyEssay and ask for assignment writing help. The concepts, features, objectives of taxation planning are well embedded in the assignment.

Types of Tax Planning

There are three types of tax planning:

Short and Long Range Tax Planning: Short range tax planning is done every year with some objectives in mind. They are usually done at the end of the fiscal year. While long range tax planning are the investments done for longer periods of time and the returns are not paid off immediately.

Permitted Tax Planning: Planning investments to save tax, are said to be permitted, if they are within the legal limits, rules and regulations of the country's law.

Purposive Tax Planning: Tax planning that holds some kind of purpose or objective. It can be business purpose or individual objective.

The Pillars of Tax Planning - The 5 D's

The Five pillars of tax planning are:

1. Deducting: You can use some new or different ideas to claim tax deductions that you have not claimed in the past.
2. Deferring: Pushing off a tax to next year rather than paying it this year is deferring. Though elimination of tax payment is not possible but paying it in future is always useful because of the time value of the money.
3. Dividing: Moving the income from the hands of the family member who will pay tax at a higher rate to the family member who will pay tax at a lower rate is always beneficial. By income splitting, you can save much of your income from going to tax.
4. Disguising: Since all the types of income are not taxed equally, one type of income can be converted to another type which is taxed at lower rates.
5. Dodging: Another way to save tax is to move from amounts that are taxable to nontaxable benefits.

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Employment Scope After Degree or Diploma in Taxation

• Charted Accountant
• Company Secretaries
• Tax Consultant
• Tax Policy Analyst
• Tax Collector
• Tax Auditor
• Revenue Agent
• Tax Accountant
• Accounting Manager

This list of possible jobs, that you can get, looks lucrative. If you complete your degree or diploma in taxation with flying colors, you get quite a lot of options to purse. But for good academic records, not only exams but your grades in assignments, dissertation, thesis or case study should be bright too. Here, the help comes from the experts at BookMyEssay. The academic writing service providers, deliver taxation planning assignment help when you ask: "who can write my assignment for me?".

Tax Planning in India

The law in India provides with variety of options to save taxes. A large range of options for exemptions which helps you limit the tax payable:

1. The tax payers can use deductions available from 80C through 80U.
2. The exemptions allowed under 54, 54B, 54F, 54EC called capital gain tax exemption.
3. Tax exemption on education loan
4. Tax exemption on car loan for businessman
5. Tax exemption for ladies
6. Income tax exemption limits
7. LTA exemptions

Good academic record in taxation fetches you a good career. BookMyEssay is a boat that allows you to cross the river and get the degree or diploma with flying colours. You can rely on taxation planning assignment help from BookMyEssay. The taxation planning homework help service experts are equipped to deliver best in class assignment to you to lower your stress and allow you to get good grades.