Thread by @ithoughtplan

Entrepreneurs, are you tired of paying hefty taxes?

Don't worry! We got you covered!

Check out these top tax-saving tips that can benefit your business and your bottom line. (1/n)

#entrepreneurs #taxes #taxsavings #taxtips

#1 Hire Family Members & Relatives:

You can reduce your tax liability by paying salaries to family members, which are tax-deductible. Their income may also be below the taxable threshold. (2/n)

#tax #taxexemption #taxliability

#2 Deduct Business Expenses for Travel & Accommodation:

Business travel expenses such as tickets and accommodation can be deducted from your taxable income, thus reducing your tax liability.
(3/n)

#taxliability #businessexpenses #deductions

#3 Invest More in Marketing:

Digital marketing is an effective way to reach more potential customers and increase your chances of finding new ones.

Marketing expenses are eligible for tax deductions.
(4/n)

#digitalmarketing #marketing #taxdeductions

#4 Claim Business Utility Expenses:

For instance, expenses on phones, vehicles, parking charges, driver’s salary, and so on are claimable if made purely for business purposes.

If you are operating your home, then electricity expenses are also claimable. (5/n)

#expenses #claims

#5 Pay for Medical Insurance:

The premiums up to ₹ 25,000 paid towards medical insurance can be claimed for tax deductions under Section 80D of the Income Tax Act, 1961. You can cover your spouse, children, and parents under this. (6/n)

#insurance #medicalinsurance

#6 Correctly Deduct Tax at Source:

Ensure you deduct the correct tax at source when purchasing a service or product to avoid additional tax burdens. (7/n)

#tax #deductions

#7 Make Donations to Charities and Funds:

You can claim tax benefits by donating money to registered charities and funds or recognized political parties. (8/n)

#taxbenefits

#8 Housing Loan Tax Benefits:

You can claim tax deductions on a housing loan of up to ₹ 1,50,000 a year under Section 80C of the Income Tax Act. (9/n)

#taxdeductions #loans

#9 Claim Additional Depreciation:

Companies installing new equipment and machinery can claim up to 20% additional depreciation in addition to the regular depreciation. (10/n)

#depreciation

#10 Make Digital Transactions:

Paying your workers through bank transfer instead of cash helps avoid taxability issues, ensuring that you comply with tax laws. (11/n)

#UPI #Netbanking #NEFT #RTGS

These tips can help you reduce your tax liability and keep more money in your pocket. (12/n)

#TaxSavingTips #Entrepreneurship #India #Taxation

If you find this thread useful, retweet it and help us reach more people like you. (13/n)

#financialplanning #financialfreedom #financialgoals #tax #deductions #taxtips #personalfinance

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