What is the Process of Corporate Tax Planning?

The process of corporate tax planning includes: 

1. The first step is to set the goals of defining clear business objectives and taxation. This will help in choosing the perfect tools and tax strategies to achieve your goals. 
2. Now, you need to gather some of the financial data, like income sources and tax obligations, which is important for efficient planning. 
3. After you need to select the tax strategies in accordance with the company's objectives and tax liabilities. This also includes analyzing financial implications and approaches. 
4. Select the best tax savings investments in the financial year, and correct all your records with all the supporting documents to ensure that the company benefits from the tax exemptions. 
5. At last, you need to fill out tax returns and make payments on time with the correct information on exemptions and deductions. This is crucial to avoid any penalties under the tax law.