The last two month¶s was a wonderful experience. Firstly, because I got an opportunity which provided me a pathway to be familiar with industrial interface and thereby relate the concepts studied in the classroom with the real business environment. Secondly, to work for SAIL,an india¶s largest steel producing company and with people of such high designation was indeed a pleasure. What is the Tax Planning ? Systematic analysis of differing tax options aimed at the minimization of tax liability in current and future tax periods. Whether to file jointly or separately, the timing of a sale of an asset, ascertaining over how many years to withdraw retirement funds, when to receive income, when to pay expenditures, the timing and amounts of gifts to be made, and Estate Planning are examples of tax planning. Tax Software can be used for tax planning purposes.

The project is an outcome of immense hard work done by full determination, dedication and devotion. I rationally hope that this work of mine will help the organization to understand points concerning there distribution channel & perception about LOTTE & its sub-brands in mind of retailers , its awareness in the market vis-a- vis its competitors in the retail industry.

Tax planning can be defined as an arrangement of one s financial and economic affairs by taking complete legitimate benefit of all deductions, exemptions, allowances and rebates so that tax liability reduces to minimum.  It comprises arrangements by which tax laws are fully complied.  All legal obligations and transactions are met. Tax planning with ref. to financial management decisions Capital structure Dividend policy Issue of Bonus share Tax planning with ref. to specific management decisions Whether establish new unit Whether export Whether Sale of plant and machinery


There are many perfectly legal and socially acceptable ways to increase your wealth in a tax efficient manner. Some of these methods are very powerful. Legitimate methods of increasing your tax efficiency are called tax planning .  Methods that are unlawful are categorised under two different labels:  Tax avoidance is where you set up contrived accounting structures and strategies that abuse a loophole so you can claim large tax deductions or take advantage of some benefit that was never intended to be used in such a way. 

Tax evasion is where you deliberately try to hide income from the Tax Office, by various methods including secret bank accounts, not recording cash transactions, cooking the books etc.


There are several general areas of tax planning that apply to all sorts of small businesses. These areas include the choice of accounting and inventory-valuation methods, the timing of equipment purchases, the spreading of business income among family members, and the selection of taxfavored benefit plans and investments. There are also some areas of tax planning that are specific to certain business forms²i.e., sole proprietorships, partnerships, C corporations, and S corporations. Some of the general tax planning strategies are described below: 

ACCOUNTING METHODS. Accounting methods refer to the basic rules and guidelines under which businesses keep their financial records and prepare their financial reports. There are two main accounting methods used for record-keeping: the cash basis and the accrual basis. Small business owners must decide which method to use depending on the legal form of the business, its sales volume, whether it extends credit to customers, and the tax requirements set forth by the Internal Revenue Service (IRS). The choice of accounting method is an issue in tax planning, as it can affect the amount of taxes owed by a small business in a given year.  Accounting records prepared using the cash basis recognize income and expenses according to real-time cash flow. Income is recorded upon receipt of funds, rather than based upon when it is actually earned, and expenses are recorded as they are paid, rather than as they are actually incurred. Under this accounting method, therefore, it is possible to defer taxable income by delaying billing so that payment is not received in the current year. Likewise, it is possible to accelerate expenses by paying them as soon as the bills are received, in advance of the due date. The cash method is simpler than the accrual method, it provides a more accurate picture of cash flow, and income is not subject to taxation until the money is actually received.  In contrast, the accrual basis makes a greater effort to recognize income and expenses in the period to which they apply, regardless of whether or not money has changed hands. Under this system, revenue is recorded when it is earned, rather than when payment is received, and expenses recorded when they are incurred, rather than when payment is made. The main advantage of the accrual method is that it provides a more accurate

picture of how a business is performing over the long-term than the cash method. The main disadvantages are that it is more complex than the cash basis, and that income taxes may be owed on revenue before payment is actually received. However, the accrual basis may yield favorable tax results for companies that have few receivables and large current liabilities.  Under generally accepted accounting principles (GAAP), the accrual basis of accounting is required for all businesses that handle inventory, from small retailers to large manufacturers. It is also required for corporations and partnerships that have gross sales over $5 million per year, though there are exceptions for farming businesses and qualified personal service corporations²such as doctors, lawyers, accountants, and consultants. Other businesses generally can decide which accounting method to use based on the relative tax savings it provides. 

INVENTORY VALUATION METHODS. The method a small business chooses for inventory valuation can also lead to substantial tax savings. Inventory valuation is important because businesses are required to reduce the amount they deduct for inventory purchases over the course of a year by the amount remaining in inventory at the end of the year. For example, a business that purchased $10,000 in inventory during the year but had $6,000 remaining in inventory at the end of the year could only count $4,000 as an expense for inventory purchases, even though the actual cash outlay was much larger. Valuing the remaining inventory differently could increase the amount deducted from income and thus reduce the amount of tax owed by the business.\ 

The tax law provides two possible methods for inventory valuation: the first-in, first-out method (FIFO); and the last-in, first-out method (LIFO). As the names suggest, these inventory methods differ in the assumption they make about the way items are sold from inventory. FIFO assumes that the items purchased the earliest are the first to be removed from inventory, while LIFO assumes that the items purchased most recently are the first to be removed from inventory. In this way, FIFO values the remaining inventory at the ost current cost, while LIFO values the remaining inventory at the earliest cost paid that year. 

LIFO is generally the preferred inventory valuation method during times of rising costs. It places a lower value on the remaining inventory and a higher value on the cost of goods sold, thus reducing income and taxes. On the other hand, FIFO is generally preferred during periods of deflation or in industries where inventory can tend to lose its value rapidly, such as high technology. Companies are allowed to file Form 970 and switch from FIFO to LIFO at any time to take advantage of tax savings. However, they must then either wait ten years or get permission from the IRS to switch back to FIFO. 

EQUIPMENT PURCHASES. Under Section 179 of the Internal Revenue Code, businesses are allowed to deduct a total of $18,000 in equipment purchases during the year in which the purchases are made. Any purchases above this amount must be depreciated over several future tax periods. It is often advantageous for small businesses to use this tax incentive to increase their deductions for business expenses, thus reducing their taxable income and their tax liability. Necessary equipment purchases up to the limit can be timed at year end and still be fully deductible for the year. This tax incentive also applies to personal property put into service for business use, with the exception of automobiles and real estate. 

WAGES PAID TO FAMILY MEMBERS. Self-employed persons can also reduce their tax burden by paying wages to a spouse or to dependent children. Wages paid to children under the age of 18 are not subject to FICA (Social Security and Medicare) taxes. Under normal circumstances, employers are required to withhold 7.65 percent of the first $62,700 of an employee's income for FICA taxes. Employers are also required to match the 7.65 percent contributed by every employee, so that the total FICA contribution is 15.3 percent. Self-employed persons are required to pay both the employer and employee portions of the FICA tax. 

But the FICA taxes are waived when the employee is a dependent child of the small business owner, saving the child and the parent 7.65 percent each. In addition, the child's wages are still considered a tax deductible business expense for the parent²thus reducing the parent's taxable income. Although the child must pay normal income taxes on the wages he or she receives, it is likely to be at a lower tax rate than the parent pays. Some business owners are able to further reduce their tax burden by paying wages to their spouse. If these wages bring the business owner's net income below $62,700²the threshold for FICA taxes²then they may reduce the self-employment tax owed by business owner. It is important to note, however, that the child or spouse must actually work for the business and that the wages must be reasonable for the work performed. 

BENEFITS PLANS AND INVESTMENTS. Tax planning also applies to various types of employee benefits that can provide a business with tax deductions, such as contributions to life insurance, health insurance, or retirement plans. As an added bonus, many such benefit programs are not considered taxable income for employees. Finally, tax planning applies to various types of investments that can shift tax liability to future periods, such as treasury bills, bank certificates, savings bonds, and deferred annuities.



The basic idea behind undertaking the Project on Tax planning of SAIL was to:  To analyze the effectiveness of the tax planning of SAIL  To compare the Tax Planning of SAIL with other PSU.  To study the Concept of Tax Planning and their route.



Corporate tax planning provides strategies that are significant in minimizing taxes. Some valuable ways to save include sponsoring a retirement plan, writing off company assets, claiming depreciation expense, taking deductions on business automobiles, office expenses, self employment health insurance, employer sponsored child care resources, and using a home office for the company. Business tax planning involves understanding what it means to be self-employed. A company owner needs to be aware of anything that might impact taxes paid. Self-employment tax, company expenses and deductions, business assets, charitable contributions, shifting income, and retirement planning are important considerations. Self-employment tax is due from those who are receiving income as an independent contractor, sole proprietor, or anyone who is conducting business through selling services or products. Corporate tax planning provides some ways that a business owner can save on income taxes both short-term and long-term. Income received must be reported but deductions can reduce the amount that is actually owed. The deductions can vary depending upon the type of industry and what are considered legitimate deductions. Some company owners shift income to a family member as a tax advantage. In order to do this a family member must be providing some benefit to the business and the amount should be in line with the type of compensation. Shifting income legitimately can lower a company into a lower tax bracket. Of course the shifting of income to a family member could raise their income bracket and this should be considered. This is a business tax planning venture that should benefit both parties and should be done ethically and reasonably. To shift a large amount of income to a family member just to avoid paying taxes would be unethical unless there were a legitimate reason such as payment for services. A retirement plan is a tax advantage to a person who is self-employed. This can be done with or without employees. However, it would affect the type of plan that is embraced. A self-employed person can place pre-tax dollars into a retirement account. Having employees mean providing for them the capability of doing the same. A company owner can also choose other employee benefit plans to attract employees. Corporate tax planning involves looking out for employees by offering retirement, cafeteria and medical benefit plans. Cafeteria plans allow employees to use a portion of pre-tax income for medical or child care expenses. Corporations do not have to pay payroll taxes or workers comp premiums on the dollars that are paid into a cafeteria plan or medical benefits plan. There are many deductions that a company can take advantage of including startup costs, business trip expenses, home office use, the use of automobiles,

and other assets. The costs of health care expenses are often deductible especially for the owner and dependents. In addition, any contributions made to a health savings account are also deductible expenses. Business tax planning includes knowing what plans provide the greatest benefits and implementing those plans to not only provide benefits to the company but benefits to employees as well. When starting up a company many of the initial expenses can be written off up to a certain dollar amount. Some of these may include personal property like furniture or office equipment. Other things that can be written off the first year of purchase include machinery, fixtures, storage facilities, and other personal property. Other considerations when starting up a business include travel, vehicle usage, home office, and uniforms. Corporate tax planning sources suggests making sure that write-offs are legitimate business expenses. When using a home office for company use only a percentage of expenses can be written off. Travel expense can only apply when the travel is for the company. Combining company business with personal business must be taken into consideration for any type of write-off to be legitimate. There is a degree of burden that is felt from tax legislation by any and every owner. However, there are positive ways that a corporation can comply with obligations and find ways to develop a strong company otherwise. Business tax planning includes taking advantage of opportunities to provide relief when possible. A corporate planning attorney can provide some good advice on how to structure a company to be optimally successful while remaining compliant with considerations such as paying taxes. Information can be found on the Internet that can help prepare a new business owner with how to be compliant in every area when it comes to reporting income and deducting expenses. Charitable contributions are a great way for a company to save on taxes and help those in the community. Many non profit organizations are set up to help those who are less fortunate within the community that they reside and some offer services to anyone who they can help no matter where they are located. There are limits on how much of a contribution that can be counted and the organization has to fit the guidelines used by the IRS to be considered a legitimate charitable organization. Some of the ones who usually do qualify are churches, educational companies, scientific or medical research institutions, those that provide true charitable services and organizations who help animals. There is more information on the Internet about organizations that truly qualify as charitable.



Steel Authority Of India
Steel Authority of India Limited (SAIL) is the leading steel-making company in India. It is a fully integrated iron and steel maker, producing both basic and special steels for domestic construction, engineering, power, railway, automotive and defence industries and for sale in export markets. Ranked amongst the top ten public sector companies in India in terms of turnover, SAIL manufactures and sells a broad range of steel products, including hot and cold rolled sheets and coils, galvanised sheets, electrical sheets, structurals, railway products, plates, bars and rods, stainless steel and other alloy steels. SAIL produces iron and steel at five integrated plants and three special steel plants, located principally in the eastern and central regions of India and situated close to domestic sources of raw materials, including the Company's iron ore, limestone and dolomite mines. The company has the distinction of being India¶s second largest producer of iron ore and of having the country¶s second largest mines network. This gives SAIL a competitive edge in terms of captive availability of iron ore, limestone, and dolomite which are inputs for steel making. SAIL's wide range of long and flat steel products are much in demand in the domestic as well as the international market. This vital responsibility is carried out by SAIL's own Central Marketing Organisation (CMO) that transacts business through its network of 37 Branch Sales Offices spread across the four regions, 25 Departmental Warehouses, 42 Consignment Agents and 27 Customer Contact Offices. CMO¶s domestic marketing effort is supplemented by its ever widening network of rural dealers who meet the demands of the smallest customers in the remotest corners of the country. With the total number of dealers over 2000 , SAIL's wide marketing spread ensures availability of quality steel in virtually all the districts of the country. SAIL's International Trade Division ( ITD), in New Delhi- an ISO 9001:2000 accredited unit of CMO, undertakes exports of Mild Steel products and Pig Iron from SAIL¶s five integrated steel plants. With technical and managerial expertise and know-how in steel making gained over four decades, SAIL's Consultancy Division (SAILCON) at New Delhi offers services and consultancy to clients world-wide. SAIL has a well-equipped Research and Development Centre for Iron and Steel

(RDCIS) at Ranchi which helps to produce quality steel and develop new technologies for the steel industry. Besides, SAIL has its own in-house Centre for Engineering and Technology (CET), Management Training Institute (MTI) and Safety Organisation at Ranchi. Our captive mines are under the control of the Raw Materials Division in Kolkata. The Environment Management Division and Growth Division of SAIL operate from their headquarters in Kolkata. Almost all our plants and major units are ISO Certified.

Major Units
Integrated Steel Plants
y y y y y

Bhilai Steel Plant (BSP) in Chhattisgarh Durgapur Steel Plant (DSP) in West Bengal Rourkela Steel Plant (RSP) in Orissa Bokaro Steel Plant (BSL) in Jharkhand IISCO Steel Plant (ISP) in West Bengal

Special Steel Plants
y y y

Alloy Steels Plants (ASP) in West Bengal Salem Steel Plant (SSP) in Tamil Nadu Visvesvaraya Iron and Steel Plant (VISL) in Karnataka


Maharashtra Elektrosmelt Limited (MEL) in Maharashtra

Joint Ventures
‡ NTPC SAIL Power Company Pvt. Ltd (NSPCL) A 50:50 joint venture between Steel Authority of India Ltd. (SAIL) and National Thermal Power Corporation Ltd. (NTPC Ltd.); manages the captive power plants at Rourkela, Durgapur and Bhilai with a combined capacity of 314 megawatts (MW). It has installed additional capacity by implementation of 500 MW (2 x 250 MW Units) power plant at Bhilai. The commercial generation of 1st Unit has commenced in April¶2009 and the 2nd Unit in October 2009


Bokaro Power Supply Company Pvt. Limited (BPSCL) This 50:50 joint venture between SAIL and the Damodar Valley Corporation formed in January 2002 is managing the 302-MW power generating station and 660 tonnes per hour steam generation facilities at Bokaro Steel Plant. BPSCL has proposed to expand its capacity by installing 2x250 MW coal based thermal unit a t Bokaro. In addition, construction activities are underway for installation of 9th Boiler (300T/Hr) & 36 MW Back Pressure Turbo Generator (BPTG) project at Bokaro.


Mjunction Services Limited A 50:50 joint venture between SAIL and Tata Steel formed in 2001. This company promotes e-commerce activities in steel and related areas. Newly added services include e-Assets sales, Events & Conferences, Coal Sales & Logistics, Publications etc... SAIL-Bansal Service Center Ltd. SAIL has formed a joint venture with BMW industries Ltd. on 40:60 basis to promote a service centre at Bokaro with the objective of adding value to steel. Bhilai JP Cement Ltd SAIL has incorporated a joint venture company with M/s Jaiprakash Associates Ltd to set up a 2.2 MT slag based cement plant at Bhilai. The clinker production has started from December 2009; and the grinding unit has commenced trial runs since April 2010. Bokaro JP Cement Ltd SAIL has incorporated another joint venture company with M/s Jaiprakash Associates Ltd to set up a 2.1 MT cement plant at Bokaro utilizing slag from BSL. The project implementation is under progress with commencement of cement production likely by July¶2011. SAIL&MOIL Ferro Alloys (Pvt.) Limited SAIL has incorporated a joint venture company with M/s Manganese Ore (India) Ltd on 50:50 basis to produce ferro-manganese and silico-manganese required for production of steel.. S&T Mining Company Pvt. Ltd SAIL has incorporated a joint venture company with TATA Steel for joint acquisition & development of coal blocks/mines. New indigenous opportunities for coking coal development are being explored by the Joint Venture company for securing coking coal supplies. International Coal Ventures Private Limited







Towards achieving the target of making steel PSUs self reliant in the area of coking coal, a joint venture company has been incorporated comprising of five central PSU companies i.e. SAIL, Rashtriya Ispat Nigam Limited (RINL), Coal India Limited (CIL), NTPC Limited and National Mineral Development Corporation (NMDC). The company is scouting for coal properties in Australia, Mozambique and other target countries.

Ownership and Management The Government of India owns about 86% of SAIL's equity and retains voting control of the Company. However, SAIL, by virtue of its µMaharatna¶ status, enjoys significant operational and financial autonomy

Back Ground And History

A Rich Heritage
The Precursor SAIL traces its origin to the formative years of an emerging nation - India. After independence the builders of modern India worked with a vision - to lay the infrastructure for rapid industrialisaton of the country. The steel sector was to propel the economic growth. Hindustan Steel Private Limited was set up on January 19, 1954. Expanding Horizon (1959-1973) Hindustan Steel (HSL) was initially designed to manage only one plant that was coming up at Rourkela. For Bhilai and Durgapur Steel Plants, the preliminary work was done by the Iron and Steel Ministry. From April 1957, the supervision and control of these two steel plants were also transferred to Hindustan Steel. The registered office was originally in New Delhi. It moved to Calcutta in July 1956, and ultimately to Ranchi in December 1959. The 1 MT phases of Bhilai and Rourkela Steel Plants were completed by the end of December 1961. The 1 MT phase of Durgapur Steel Plant was completed in January 1962 after commissioning of the Wheel and Axle plant. The crude steel production of HSL went up from .158 MT (1959-60) to 1.6 MT. A new steel company, Bokaro Steel Limited, was incorporated in January 1964 to construct and operate the steel plant at Bokaro.The second phase of Bhilai Steel Plant was completed in September 1967 after commissioning of the Wire Rod Mill. The last unit of the 1.8 MT phase of Rourkela - the Tandem Mill - was commissioned in February 1968, and the 1.6 MT stage of Durgapur Steel Plant was completed in August 1969 after commissioning of the Furnace in SMS. Thus, with the completion of the 2.5 MT stage at Bhilai, 1.8 MT at Rourkela and 1.6 MT at Durgapur, the total crude steel production capacity of HSL was raised to 3.7 MT in 1968-69 and subsequently to 4MT in 1972-73. Holding Company The Ministry of Steel and Mines drafted a policy statement to evolve a new model for managing industry. The policy statement was presented to the Parliament on December 2, 1972. On this basis the concept of creating a holding company to

manage inputs and outputs under one umbrella was mooted. This led to the formation of Steel Authority of India Ltd. The company, incorporated on January 24, 1973 with an authorized capital of Rs. 2000 crore, was made responsible for managing five integrated steel plants at Bhilai, Bokaro, Durgapur, Rourkela and Burnpur, the Alloy Steel Plant and the Salem Steel Plant. In 1978 SAIL was restructured as an operating company. Since its inception, SAIL has been instrumental in laying a sound infrastructure for the industrial development of the country. Besides, it has immensely contributed to the development of technical and managerial expertise. It has triggered the secondary and tertiary waves of economic growth by continuously providing the inputs for the consuming industry.

SAIL - Into the Future
Modernisation & Expansion
SAIL, is in the process of modernizing and expanding its production units, raw material resources and other facilities to maintain its dominant position in the Indian steel market. The objective is to achieve a production capacity of 26.2 MTPA of Hot Metal from the base level production of 14.6 MTPA (2006-07 ± Actual). A new unit coming up at ISP Orders for all major packages of ISP & SSP and part packages of BSL, BSP, RSP & DSP Expansion have been placed and these packages are in various stages of implementation Objective of Expansion Plan y 100% production of steel through Basic Oxygen Furnace (BOF) route y 100% processing of steel through continuous casting y Value addition by reduction of semi-finished steel y Auxiliary fuel injection system in all the Blast Furnaces y State-of-art process control computerization / automation y State-of-art online testing and quality control y Energy saving schemes y Secondary refining y Adherence to environment norms

Production Target
The production target of hot metal, crude steel and saleable steel after Expansion is indicated below: (Million tonne per annum) Base Case (2006-07) After Expansion Actual 14.6 26.2 (23.5) 13.5 24.6 (21.4) 12.6 23.1 (20.2)

Item Hot Metal Crude Steel Saleable Steel

Figures in bracket indicate capacity after implementation of ongoing phase of modernisation and expansion to be completed by 2012-2013

Construction activity at ISP Capital Expenditure Amount spent on Expansion Plan and other Capital Schemes of SAIL (incl. subsidiary) during last 3 years are as follows:

Year 2007-08 2008-09 2009-10

Total (Rs./Crore) 2181 5233 10606

To be a respected world class corporation and the leader in Indian steel business in quality, productivity, profitability and customer satisfaction

We build lasting relationships with customers based on trust and mutual benefit. We uphold highest ethical standards in conduct of our business. We create and nurture a culture that supports flexibility, learning and is proactive to change. We chart a challenging career for employees with opportunities for advancement and rewards. We value the opportunity and responsibility to make a meaningful difference in people's lives.

Companies Policies
Corporate Social Responsibility Policy Sail Mediclaim Scheme For Retired Employees Inter Plant Standardization in Steel Industry (IPSS) Safety Policy Quality Policy Corporate Environmental Policy Human Resource Policy HIV/AIDS Policy Information Technology Security Policy


Product Mix

Product Wise Semis Blooms, Billets & Slabs Structurals Crane Rails Bars, Rods & Rebars Wire Rods HR Coils, Sheets & Skelp Plates CR Coils & Sheets GC Sheets\ GP Sheets and Coils Tinplates Electrical Steel Pipes Rails Wheels, Axles, Wheel Sets

Long Products

Flat Products

Tubular Products

Railway Products

Plant Wise Bhilai Steel Plant Blooms, Billets & SlabsBeams Channels, Angles Crane Rails Plates Rails Pig Iron, Chemicals & Fertilisers HR Coils & Sheets Plates CR Coils & Sheets GP Sheets & Coils/ GC Sheets Pig Iron, Chemicals & Fertilisers

Bokaro Steel Plant

Durgapur Steel Plant

Blooms, Billets & Slabs Joists, Channels, Angles Bars, Rods & Rebars Skelp Wheels, Axles, Wheel Sets Pig Iron, Chemicals & Fertilisers HR Coils Plates CR Coils & Sheets GP Sheets/ GC Sheets Tinplates Electrical Steel Pipes Pig Iron, Chemicals & Fertilisers Stainless Steel

Rourkela Steel Plant

Salem Steel Plant Other Products

Pig Iron
The mass of pig shall be either 45 kg having two notches or 22.5 kg having one notch, subject to mutual agreement between the purchaser and manufacturer. Specification IS 13502/ 1992 Grade Steelmaking Designation PG Si X Mn1 P40 PG Si X Mn3 P40 PG Si X Mn5 P40 Si% See Note 1 Mn% P% <0.5 0.5-1.0 1.0-1.5 £ 0.4 S% max 0.06

Fertilsers Ammonium Sulphate (20.6% N) Brand name "Raja

Coal Chemical
y y y y y y y y y y y y y y y y y y y y y y

Benzene (NG) Toluene (NG & IG) Xylene Light Solvent Naptha Solvent Oil Heavy Solvent Naptha Benzol (IG) Still Bottom Oil Hard, Medium, Granulated and Liquid Pitch Extra Hard Pitch Hot Pressed Naphthalene/ Naphthalene Flakes Heavy Creosote Oil Anthracene Oil Light Creosote Oil Meta Para Creosole Light Oil Sodium Phenolate Drained Naphthalene Oil Dephenolised Oil Heavy Benzol NG: Nitration Grade IG: Industrial Grade For purchase of coal chemicals customers may kindly contact the Marketing Managers of the plants at Bhilai, Bokaro, Durgapur and Rourkela.

Chapter 2

Review of Litreture

Chapter 3

Research Methodology

Research is a one kind of process to get knowledge about some topic. Research is done so that systematic analysis can be done and problem can also be solved.  In this project Descriptive research Design was use.  At the first stage theoretical study is attempted.  At the second stage Historical study is attempted.  At the Third stage Comparative study of Tax Planning is undertaken.

Chapter 4

Recommendations and Conclusion