Question 1

What is tax planning?

Accepted Answer

Tax planning is the process of reducing tax liability legally through structured financial decisions.

Question 2

Why is tax planning important?

Accepted Answer

It helps save taxes, improve cash flow, and avoid last-minute compliance issues.

Question 3

Who should opt for tax planning?

Accepted Answer

Both individuals and businesses looking to optimize their tax liability.

Question 4

Can tax planning reduce my tax burden?

Accepted Answer

Yes, proper planning helps maximize deductions and minimize taxes legally.

Question 5

Is tax planning legal?

Accepted Answer

Yes, when done in accordance with tax laws and regulations.

Question 6

What is income computation?

Accepted Answer

It is the process of calculating taxable income under applicable tax laws.

Question 7

Why is income computation important?

Accepted Answer

It ensures accurate tax filing, compliance, and avoids excess tax payment or penalties.

Question 8

What are the heads of income?

Accepted Answer

Salary, house property, business/profession, capital gains, and other sources.

Question 9

Can deductions reduce my tax liability?

Accepted Answer

Yes, eligible deductions and exemptions help reduce taxable income.

Question 10

Who needs income computation services?

Accepted Answer

Individuals, professionals, and businesses preparing for tax filing.

Question 11

What is GSTR-1?

Accepted Answer

GSTR-1 is a return for reporting outward supplies (sales).

Question 12

What is GSTR-3B?

Accepted Answer

GSTR-3B is a summary return showing tax liability and ITC.

Question 13

What is GSTR-9?

Accepted Answer

GSTR-9 is the annual GST return consolidating yearly data.

Question 14

What is GSTR-9C?

Accepted Answer

GSTR-9C is a reconciliation statement and audit report.

Question 15

Is GST return filing mandatory?

Accepted Answer

GSTR-9C is a reconciliation statement and audit report.

Tax & GST

Tax Planning & Advisory