Tax planning

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Net sales up 8.67% at Rs.259.5cr vs Rs.238.8cr (QoQ)
Q1 PAT up 22.3% at Rs.17cr vs Rs.13.9cr (QoQ)
Watch CEO Exchange At 8:30 Sat & Sun
Board approves 1:10 bonus issue
Vishal Info Tech IPO closes; Subscribed 1.19 times
Inflation and IIP not moving in tandem: CMIE
Expect inflation to come down but very gradually
Mfg products & primary inflation still remain an issue
Inflation at 11.89% slightly below expectations
Oil & Gas Index up 1.5%, Realty Index up 0.6%
Power Index down 2%, Bankex down 1.8%
Metal Index down 2.9%, IT Index down 2.8%
Midcaps Index down 0.3%, Smallcap Index down 0.2%
Sensex down 1.1%, Nifty down 1% at close
Machine and machine tools up 0.2%
Fruits and vegetables up 2%
Inflation at 11.89% for week ended July 12 vs 11.91%
Non-Food articles up 0.8%; Food articles up 0.6%
Fuel, Power, Lights remain unchanged
Manufactured products up 0.05%
Inflation for week ended May 17 revised to 8.66%
Inflation remains stable: Finance Ministry
Good performance despite challenging environment
RIL Q1 Exports up 112% at Rs.28,357 cr (YoY)
RIL Q1 Other income up 14.7% at Rs.226cr vs Rs.197cr (YoY)
RIL Q1 EPS up 13.2% at Rs.28.3 vs Rs.25 (YoY)
RIL Q1 GRMs at $15.70/bbl vs $15.40/bbl (YoY)
PAT up 13.2% at Rs.4110 cr vs Rs.3630 cr (YoY)
Sales up 41% at Rs.41,579 cr vs Rs.29,504 cr (YoY)
Q1 PAT at Rs.263 cr vs Rs.308.5 cr (YoY) (cons)

Updated: 01/02/2008 | 06:03 PM IST

Taxation

Tax planning

KPMG

Friday, February 01, 2008 (New Delhi)

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Tax planning may be referred as the arrangement of affairs in a way to reduce the income tax liability. Tax planning is done within the legal framework- within the four corners of law, without any fraudulent intention. Tax planning involves proper compliance with laws in terms of timely filing of returns, payment of taxes etc. In tax planning, a tax payer tries to reduce his tax liability by means which are permissible. It is different from tax evasion where attempts are made to reduce the tax liability by unlawful means.

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