Tax Planning vs. Tax Management

Tax planning primarily aims at adopting an arrangement so as to bring about the least incidence of tax under the four corners of law. On the other hand, tax management comprises a wider field like compliance with statutory provisions of law, prospective planning so as to case the financial constraints if any, that would arise when discharging the commitments through payment of tax, keeping close watch and monitoring the statutory requirements of other laws, claiming unilateral reliefs etc. thus whilst tax planning is the pivot which enables the drawing up of different incentives and keep the incidence of tax low, the tax management is the revolving wheel, which translates the policy in terms of results.