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Saving yourself from the Tax bite:It is said that there are only two certainties in life i.e. 'Death' and 'Taxes'. Both are inevitable. We meet both unwillingly.

Delhi, India (prHWY.com) March 10, 2011 - It is said that there are only two certainties in life i.e. 'Death' and 'Taxes'. Both are inevitable. We meet both unwillingly. Unfortunately, the comparison ends there. Death relieves the person from all earthy worries. Taxation on the other hand neither fully kills the person nor let him live in peace. There is one more thing in favor of death over taxes - death does not get worse every time, like the budget presented by the finance minister!But there are ways by which you can reduce your tax burden.The first way is through Tax Evasion. Some people reduce the tax burden by deliberately hiding the income from the tax authorities to reduce the liabilities of tax by illegal and unfair means. People have been known to submit dishonest reports including declaring less gain, profits or income than what was actually earned. Other means of evading tax are smuggling & avoiding paying out custom duty, value added tax and income tax.

The other way to reduce tax burden is Tax Avoidance. Some people save on taxes by exploiting the loopholes in the taxation laws, until they get plugged by the legislature. There is an apt quotation which says, "If you receive a tax demand, raise an inconsequential query, your file goes to the bottom of officer's pile. And it would be months before he gets back to you."And the last alternative is Tax Planning.By Tax Planning you can reduce your tax liability by arranging your financialIncomes and investments in such a way as to enjoy the maximum tax benefits by making use of all beneficial provisions and tax incentives, which are incorporated in tax laws that entitles you to rebates and concessions.

Various investing options under section 80C of Income Tax Act that enable you to reduce your taxable income up to a max. limit of 1 lakh. These are Public Provident Fund, Tuition Fees or repayment on home loan, in addition to it are Investing in govt. securities, National Saving Certificates, Tax Savings, FD's (Fixed Deposits), Life Insurance, etc.The first method i.e. Tax Evasion is unquestionably unacceptable and deserves to be eradicated without any hesitation.
And the second one namely Tax Avoidance it is being realized that exploiting legal rules and loopholes is not an act of good citizenship.

While the third way i.e. Tax Planning is both perfectly legal and encouraged by tax authorities. Going the tax planning way not only saves your tax but also boost the economy of the country as well.Therefore, now the choice is yours, as to which way you adopt to save yourself from the tax bite.

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