TaxPlanning V/s TaxEvasion TaxPlanning V/s TaxEvasion are separate concepts with distinct consequences: Tax Planning: Tax planning refers to the legal and strategic arrangement of financial affairs to minimize tax liabilities within the boundaries of the law. It involves taking advantage of available tax deductions, exemptions, credits, and incentives to optimize your tax position.… Read More »
Tax Planning Fees Deductible Tax planning feesmay be deductible as a business expense if they are incurred for the purpose of managing and minimizing your tax liability. However, the deductibility of tax planning depends on the tax laws and regulations of your jurisdiction. In general, tax fees that are directly related to the determination,… Read More »
Importance of bookkeeping Importance of bookkeeping Website link Importance of bookkeeping: Bookkeeping is necessary for several reasons: Financial Organization: Bookkeeping helps you keep your financial records organized. By accurately recording and categorizing your business transactions, such as sales, expenses, and payments, you can maintain a clear and systematic overview of your financial activities. Financial Monitoring:… Read More »
Tax planning works Tax planning works Website link Tax planning works: Tax planning involves the strategic management of financial affairs to minimize tax liabilities while remaining compliant with tax laws. Here’s an overview of how tax planning works: Understanding Tax Laws: Tax planning starts with a thorough understanding of the tax laws and regulations in… Read More »
80TTA exemption Website Link 80TTA exemption: Under Section 80TTA of the Income Tax Act, individuals and Hindu Undivided Families (HUFs) can avail a deduction on the interest earned from savings accounts. This deduction is capped at a maximum of Rs. 10,000. It applies to interest income earned from savings accounts held with banks, co-operative societies,… Read More »