Tax planning is a means of reducing tax liabilities on a registered company. The common ways to do this includes taking deductions on business transport, health insurance of employees, office expenses, retirement planning, child care, charitable contributions etc. Through the various tax deductions and exemptions provided under the Income Tax Act, a company can substantially reduce its tax burden in a legal way. Once again, tax planning should not be confused with tax avoidance and all the planning should be done within the framework of law. Increasing profits for a company results in higher tax liabilities.

Nirmala Shahu (PhD) born on 9th August, 1974 in Darbhanga, Bihar. She has more than two decades of teaching experience in HRM and organizational behaviour at the post-graduate level. She also has extensive experience in training and consultancy programmes and has authored numerous research papers in leading journals. She has more than a decade of professional experience in the field of HRM, particularly in the banking and information technology sectors. She has also been teaching in business schools like Amity Business School, IITM (GGS University), etc. She is currently working as a Professor in a Management Studies Center, Bengaluru.