Tax planning involves strategic financial moves aimed at reducing tax liabilities while maximizing savings within established financial regulations.

Steps for Tax Planning:

• Assess Financial Status: Evaluate income, investments, and expenses.
• Understand Tax Laws: Identify potential deductions within legal boundaries.
• Strategize Investments: Align assets for optimal tax benefits.
• Implement Tax-Saving Strategies: Apply legal methods to reduce tax liabilities.

Objectives of Tax Planning:

• Minimize Tax Liability: Reduce taxable income through lawful means.
• Maximize Savings Potential: Utilize deductions for increased savings.
• Ensure Compliance: Adhere to financial regulations while optimizing savings.