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Are you taking advantage of all available tax breaks and deductions?

Curious about financial planning

Are you taking advantage of all available tax breaks and deductions?

Professionals and businesses in India can take advantage of a range of tax breaks and deductions to minimize their tax liability. Some common strategies include:

1. Deducting business expenses: Businesses can deduct a range of expenses incurred in the course of running their operations, such as rent, salaries, and office supplies.

2. Investing in taxsaving instruments: There are several investment options in India, such as Public Provident Fund (PPF), National Pension System (NPS), and EquityLinked Saving Scheme (ELSS) that offer tax benefits.

3. Claiming depreciation: Businesses can claim depreciation on assets used for business purposes, such as machinery and equipment, which can reduce their taxable income.

4. Taking advantage of deductions for research and development: Businesses engaged in research and development activities can claim a deduction of up to 150% of their expenditure on eligible R&D activities.

5. Opting for the presumptive taxation scheme: Small businesses with a turnover of up to Rs. 2 crores can opt for the presumptive taxation scheme, which allows them to pay taxes based on a presumptive income.

It is important for professionals and businesses to consult with a tax professional or financial advisor to ensure they are taking full advantage of all available tax breaks and deductions.

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