Income Tax Planning in India

Introduction:

An Income Tax Planning mba finanace project report is imposed on an individual or a company by the Government of India only if his or her income is included in the slab of taxable income. The Indian Income Tax Act of the year 1961 governs the levy whereas C. B. D. T. (Central Board for Direct Taxes) governs the Department of Income Tax in India. However, as per some of the sections of this Act like Section 80 C, 80 CCF, 80 D etc.,

Tax is planning is a key component of our financial planning. Efficient tax preparation helps us to reduce our tax liability.This is done by making legitimate use of all tax exemptions, deductions rebates and allowances while ensuring that your investments are consistent with their long-term goals. The purpose of the study is to find out the most acceptable and common tax saving tool used to save tax and to analyze the amount saved by using that tool. All results show that the most adopted tax saving instrument is life insurance policy, which is ranked first in this report, and Provident Fund is the second most widely adopted tax saving instrument.

The tax system in India mainly, is a three tier system which is based between the Central government, State Governments and the Local government organizations. India has a well-developed tax structure with clearly separated authority between Central and State Governments and local bodies.

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