Conclusion

Now that we are at the end of this module of Tax Planning hope you have got an in-depth knowledge of taxes and how to plan them for your benefit with the help of exemptions or deductions offered under the Income Tax Act 1961.

You must remember that taxes are collected by the government in two different forms, one which is the direct tax Income Tax, and the other is the indirect tax Goods & Service Tax.

As there is no way to avoid paying GST on goods and services we use on a daily basis, Tax planning is only applicable to income tax.

Every earning citizen of India, wheater their income is taxable or not, should file their tax every year. Hope you have learned how to file your tax.

So, if you liked reading this module, do share it with your friends. There are many interesting modules on ELM School that you can go through to have broad knowledge in the field of finance.

Did you like this unit?