📝 One-liners · 66 cards
TAX PLANNING
What is the basic objective of tax planning?
Tax planning aims to minimise tax liability within the legal framework by arranging financial affairs in a manner that takes full advantage of all available deductions, exemptions, and reliefs under the Income Tax Act.
What is the maximum aggregate deduction allowed under Section 80C, 80CCC, and 80CCD(1) combined?
Maximum combined deduction is Rs 1.5 lakh per year.
What is the difference between tax planning and tax evasion?
Tax planning is a legal method of reducing tax liability using permissible provisions of the law, whereas tax evasion involves concealing income or furnishing false information to avoid paying taxes, which is illegal and punishable.
What is the lock-in period for investment in ELSS mutual funds for tax benefits?
ELSS funds have a mandatory lock-in of three years.
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