Example (Written and Edited)
As a renowned personality said, “In this world, nothing can be said to be certain except death and taxes.” Income-based charges, also known as tax, are one of the critical sources of revenue for the government. This money is spent on public infrastructure and fund services, such as hospitals, schools, and social welfare programs.
At times, individuals are unaware of the tax payments they make, i.e., they don’t know the proper tax structure applied to their income. This results in giving away more tax than required. To overcome this problem, effective tax planning should be considered; it helps manage tax liability, prepare income forecasts and plan.
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