Tax Solutions

Tax solution needs differ from person to person and is determined by factors like income, needs, goals and priorities. It is not as simple as it appears. The biggest fallacy would be to adopt the universal methods of tax solution. Tax solution strategy that everyone adopts is based on a simple but skewed thinking of reducing tax liability…at any cost. Inevitably, though tax liability is reduced one finds himself / herself invested in wrong products or have severe cashflow strain.

Tax solution is an excellent benefit provided by the tax system of the country and must be utilised in totality. However while doing so one needs to assess and plan tax in a manner that benefits income, needs, broad financial plan and personal financial outlook in years to come. A tax solution investment may be used to manage income tax, insurance, investment & retirement goals all in a single shot and without exceeding investable surplus.

There is very limited tax solution that can be done for salaried individuals. Often there is not much that can be done for people in a higher income bracket as their provident fund itself pretty much takes care of significant portion of benefits available.

There is however quite a lot that can be done for self employed individuals viz:

  Reviewing current tax solution & management efficacy
  Budgeting & solutions expenses
  Depreciation
  Cash Management methodology
   Optimisation Strategy for making fund provisions from time to time
  Modification of internal rules in a partnership company
  Planning salaries of directors of a private limited company
  Effective management of TDS, advance tax, service tax, VAT and other tax & tax related payments
  Active monitoring, scheduling, planning & making tax payments on time; thus avoiding interest and       penalties
  Computation of income & calculation of income and capital gain taxes
  Creating assets and using them to maximum benefit
   Application of PAN, PIO, KYC
   Filing of income tax return
   Facilitation of Tax Audit
   Consultation on any tax matter and much more…

We believe tax management & solution should be optimised to exploit it for multiple inherent advantages.
Tax management & solution cannot be a standard defined service and the solution for each situation can be quite different.