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 »
ITR for business for tax savings ITR for business,To file your Income Tax Return (ITR) for a business and take advantage of tax savings, you should adhere to the following steps: 1.Maintain accurate books of accounts: It is important to maintain accurate books of accounts and financial statements of your business to calculate the… Read More »
Section 40B Section 40B of the Income Tax Act pertains to the deduction of remuneration paid to partners from the taxable income of a partnership firm. This provision outlines the guidelines and regulations regarding the treatment of partner’s remuneration for tax purposes. As per this section, the payment of interest, salary, bonus, commission, or… Read More »