Answers:
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Tax management
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Tax planning
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First step towards tax planning.
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Planning includes tax management.
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Main emphasis is on compliance of legal formalities to minimise tax burden on an individual.
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With proper tax management, tax burden is minimised.
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Mandatory for everyone.
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Not mandatory for everyone.
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Helps in compiling conditions for effective decision making and for claiming tax benefits.
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With proper management, tax planning helps in decision making and claiming benefits.
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Maintenance of accounts, filling returns, payment of tax, etc are all part of tax management.
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Comparison or all methods and choosing the best method for minimising tax burden.
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Management takes in account the past for managing tax in present which leads to future benefits.
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For future benefits tax planning is important.
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Conclusion: Tax management is the first step towards tax planning. This deals with maintenance of accounts, filling returns, making payments, tax deductions and payment of tax. Poor tax management will lead to penalty, financial loss, prosecution, etc. While tax planning is optional for an individual, tax management is mandatory and is essential for every person.