{"id":247593,"date":"2022-06-20T20:06:53","date_gmt":"2022-06-20T20:06:53","guid":{"rendered":"https:\/\/imarticus.org\/?p=247593"},"modified":"2022-09-13T09:34:40","modified_gmt":"2022-09-13T09:34:40","slug":"digital-leadership-in-tax-planning-beyond-the-textbook","status":"publish","type":"post","link":"https:\/\/imarticus.org\/blog\/digital-leadership-in-tax-planning-beyond-the-textbook\/","title":{"rendered":"Digital Leadership In Tax Planning- Beyond The Textbook"},"content":{"rendered":"

Digital Leadership In Tax Planning- Beyond The Textbook<\/strong><\/h1>\n

The introduction of online financial services has transformed the way the finance sector of India functions. However, the effect of technology has not been limited to this sector only; it has also affected associated sectors. In this regard, a prominent example will be India’s tax planning or tax filing system.\u00a0<\/span><\/p>\n

In the current scenario, almost everything related to taxation is now operated via different online processes. Therefore, it is essential to be accustomed to this changing landscape, and you can read on to get a better idea of the same.<\/span><\/p>\n

What Is Tax Planning All About?<\/b><\/h2>\n

But before we dive deep in, we need to understand what tax planning is and what all it involves?<\/span><\/p>\n

Tax planning means the procedure to reduce tax liability. It is done by introducing deductions, benefits and tax exemptions. In India, tax planning gives the taxpayer a chance to make the best use of these liability-reducing instruments to save on the total tax payment every financial year.<\/span><\/p>\n

How Is Tax Planning Handled Presently?<\/b><\/h2>\n

This complex affair is handled by the best accountants, chartered accountants, and lawyers. In the current system, this is all done manually via some basic software and majorly via bookkeeping.<\/span><\/p>\n

At the same time, a point to note here is the importance of maintaining reconciliations.\u00a0<\/span><\/p>\n

Since an extensive amount of data is shared between various Tax and Regulatory Authorities, if there is any discrepancy between the various channels of reporting, then auditing is performed by both the external and internal authorities. Organizations, therefore, maintain a strong data reconciliation in various reports sent to different taxation authorities.<\/span><\/p>\n

Expenditures are reported in the form of –\u00a0\u00a0<\/strong><\/h2>\n