Introduction
Many taxpayers confuse tax planning with last-minute tax saving. Understanding the difference can significantly reduce your tax burden legally.
1. What is Tax Saving?
- Section 80C investments
- Insurance, ELSS, PPF
- Mostly year-end activity
2. What is Tax Planning?
- Long-term strategy
- Income structuring
- Choosing correct tax regime (old vs new)
3. Common Tax Planning Mistakes
- Investing only for tax benefit
- Ignoring cash flow needs
- Not reviewing plans annually
4. Tax Planning for Business Owners
- Depreciation planning
- Expense structuring
- Advance tax compliance
5. Role of a Chartered Accountant
- Personalized planning
- Compliance + savings
- Litigation risk reduction
Conclusion
Tax saving reduces tax for one year. Tax planning builds wealth over time. Smart taxpayers focus on both—with expert guidance.
