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Income Tax Laws – I Gopika Juneja, Lovely Professional University

Notes Unit 3: Tax Planning: An Introduction

CONTENTS
Objectives
Introduction

3.1 Concept of Tax Planning
3.1.1 General Areas of Tax Planning
3.1.2 Tax Planning for Different Business Forms

3.1.3 Tax Planning Tips that can Assist Salaried People to Reduce Their Tax
Accountability
3.1.4 Different Types of Tax Planning Strategies

3.2 Corporate Tax Planning
3.2.1 Domestic Corporate Income Tax Rates
3.2.2 Foreign Companies Income Tax Rates
3.2.3 Tax Rebates under Corporate Tax Rate
3.2.4 Case for Levy of Corporate Tax

3.3 Tax Evasion
3.3.1 Importance of Tax Evasion
3.3.2 Causes of Tax Evasion

3.3.3 Impact of Tax Evasion
3.3.4 Remedies to Overcome (Reduce) Tax Evasion
3.4 Tax Avoidance
3.4.1 Double Taxation
3.4.2 Differences between Tax Avoidance and Tax Evasion

3.5 Tax Management
3.5.1 Main Aims of Tax Management
3.5.2 Areas of Tax Management

3.5.3 Differences between Tax Planning and Tax Management
3.6 Summary
3.7 Keywords
3.8 Review Questions
3.9 Further Readings

56 LOVELY PROFESSIONAL UNIVERSITY