Tag Archives: #BusinessDeductions

Tax planning for new business

Tax Planning for New Business   Tax planning for a new business involves strategic financial decisions and structuring to optimize the tax position of the business. Here are some key considerations for tax planning when starting a new business: 1. Entity Selection: Choosing the right business entity, such as a sole proprietorship, partnership, corporation, or… Read More »

How do I file ITR for business for tax savings?

      User Intent Many business owners struggle with filing their Income Tax Returns (ITR) efficiently to save on taxes. This guide aims to provide a step-by-step approach to filing ITR for businesses while maximizing tax savings legally. Introduction Filing an Income Tax Return (ITR) for a business is a crucial financial obligation. However,… Read More »

What is Section 40B of income tax?

Section 40B     The conditions are as follows: 1.The payment of remuneration should be authorize by the partnership deed or agreement. 2. The remuneration provided should be reasonable in relation to the profits generated by the firm. It should be specifically directed towards a working partner 3. who actively participates in the firm’s business… Read More »