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Diffs Between TP and TM

Tax planning aims to minimize future tax liability through legal means and includes tax management, while tax management focuses on complying with current tax laws by properly filing returns, paying taxes, and maintaining accurate records for the past, present and future. Tax planning helps reduce short and long-term tax costs but is optional, whereas tax management is essential for all taxpayers to avoid penalties and legal issues.

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336 views1 page

Diffs Between TP and TM

Tax planning aims to minimize future tax liability through legal means and includes tax management, while tax management focuses on complying with current tax laws by properly filing returns, paying taxes, and maintaining accurate records for the past, present and future. Tax planning helps reduce short and long-term tax costs but is optional, whereas tax management is essential for all taxpayers to avoid penalties and legal issues.

Uploaded by

LalitadityaLalit
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Differences between Tax planning and Tax

management
Tax Planning Tax Management
(i) The Objective of Tax Planning is
to minimize thetax liability
The objective of Tax Management is to comply
with the provisions of Income Tax Law and its
allied rules.
(ii) Tax Planning also
includes Tax Management
Tax Management deals with filing of Return in
time, getting the accounts audited,
deducting tax at source etc.
(iii) Tax Planning relates to future.
Tax Management relates to Past ,. Present,
Future.
Past Assessment Proceedings, Appeals,
Revisions etc.
Present Filing of Return, payment
of advance tax etc.
Future To take corrective action
(iv) Tax Planning helps in
minimizing Tax Liability in Short-Term
and in Long Term.
Tax Management helps in avoiding payment
of interest, penalty, prosecution etc.
(v) Tax Planning is optional.
Tax Management is essential for every
assessee.

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