Page 191 - DMGT515_PERSONAL_FINANCIAL_PLANNING

Personal Financial Planning Tanima Dutta, Lovely Professional University

Notes Unit 11: Taxation Planning

CONTENTS
Objectives
Introduction

11.1 Types of Taxes
11.2 Tax Planning and Tax Evasion
11.3 Tax Avoidance

11.4 Objectives of Tax Planning
11.5 Income and Various Heads of Income
11.5.1 Income
11.5.2 Various Heads of Income
11.6 Tax Planning of Income from House Property

11.6.1 Exempted House Property Income
11.7 Tax Planning of Business Income
11.7.1 Steps to Compute the Income from Business

11.7.2 Expenses allowed as Deductions
11.7.3 Expenditure not allowed as Deduction
11.8 Factors Affecting the Tax Planning
11.9 Tax Exemption
11.9.1 Incomes Exempt from Tax

11.9.2 Income Tax Holidays
11.10 Summary
11.11 Keywords

11.12 Review Questions
11.13 Further Readings

Objectives

After studying this unit, you will be able to:
Define the meaning of tax management;
Explain the types of taxes;

State the methods of tax planning;
Define the concept of tax evasion and tax avoidance;
Recognize the tax planning for house property and business income;
Define the factors affecting the tax planning;

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