Tax Management

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Tax management is a part of tax planning which deals with management of financial affairs for the purpose of paying tax. It has three main aspects:-

1. Past:- It includes filing of various returns, issuing certificates, payment of tax etc. 

2. Present:- It includes payment of tax on due date, deduction of tax at source, it's payment etc.

3. Future:- It involves rectification of any mistakes committed, going in for appeals.
                                      

           Tax management involves compliance with legal formalities to avail of various incentives available under Income Tax act. Tax management is very essential because often the tax deductions / exemption / incentives provided under income tax act are conditional. Thus, it becomes imperative to fulfill the conditions and to comply with the statutory requirements to get a reduction in tax liability.
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