Tax planning is a process of analyzing and evaluating an individual’s financial profile. The main purpose is to minimize the amount of taxes you pay on your personal income by the most ethical means.
Paying taxes is a way of contributing to the nation’s development, but when the government is providing you with options to save taxes, it is only wise to do so.
In short, employing ways that the government has provided to save tax through deductions, reliefs, rebates, etc. to cut down your annual tax liability and thereby have more money left in your hand.
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