Corporate tax planning is a critical aspect of strategic financial management of organizations, especially in the perspective of the maximization of shareholder wealth and regulatory compliance. For companies listed in India, where the tax system is intricate and dynamic, tax planning mechanisms are sophisticated to minimize their tax burden. Yet, there remains a thin line between aggressive tax planning and tax avoidance that poses great ethical concerns. This research examines the interaction between corporate tax planning and ethical conduct of Indian listed firms with a view to determine whether companies reconcile profit maximization with ethical accountability. The study employs a mixed-methods methodology that blends quantitative analysis of secondary data from annual reports and financial statements of 100 listed companies of NSE/BSE with qualitative information from interviews with tax experts and company managers. The research measures the level and pattern of tax planning, utilization of tax havens, deferred tax liabilities/assets, and compliance with the General Anti-Avoidance Rules (GAAR). It also analyzes the disclosure standards pertaining to taxation and transparency in financial reporting practices. Evidence indicates that while most companies are involved in tax planning, a high percentage of them have aggressive approaches that, despite being within the law, need to be questioned ethically. Tax planning intensity was found to be higher among firms in industries such as IT, Pharma, and Infrastructure when compared to banks and FMCG. Ethical leadership, corporate governance scores, and appropriate tax behavior are also found to be positively correlated with each other. The study adds to the debate on corporate social responsibility (CSR) and tax justice by emphasizing the importance of an equilibrium between profitability and ethics-based accountability. It suggests policy options for enhancing regulatory supervision, increasing tax disclosure, and rewarding ethical tax 1 but also offers insights to policymakers, investors, and corporate boards wishing to connect tax practices with long-term sustainable and ethical objectives.