Every company owner is liable to pay a tax on her business income\nand must file the Business Income Tax Return (ITR). As a business owner, if you\nare unaware of the ways to save tax on business income, you may might end up\npaying a large sum of money. This is certainly not favourable for small\nbusinesses. Here are a few tips on optimising your taxes on the income earned\nfrom business.<\/p>\n\n\n\n
As an entrepreneur, your work may involve travelling to meet\nclients, prospects, etc. If you file the expenses to the company\u2019s account\ninstead of paying from your personal savings account, the amount will not be\ntaxed. <\/p>\n\n\n\n
Owners of manufacturing companies enjoy benefits like additional depreciation\non machinery and equipment. The year new equipment is installed, the company is\nentitled to additional depreciation up to 20% along with normal\ndepreciation. Claiming the additional\ndepreciation will save you from paying extra taxes on this 20%.<\/p>\n\n\n\n
Additional\nRead:<\/strong> Tax\nBenefits of SME Loans in India<\/a><\/p>\n\n\n\n Housing loan interests can be used to claim tax benefits on your business\nITR. Having your PAN card linked to your company makes you eligible for getting\na deduction on the interest you pay on your house loan every month. <\/p>\n\n\n\n If you make donations to registered charities and retain the receipt\nof the donation, you will be eligible for certain tax benefits. This is not\njust a smart but a socially responsible way of saving on business taxation. <\/p>\n\n\n\n 2017 saw a new method of tax deduction for business owners through\nthe Tax Cuts and Jobs Act. The Qualified Business Income deduction (QBI)\ndeduction is a 20% deduction on the tax return of the business owner. You are\neligible for QBI deduction if your business is a sole proprietorship, an S\ncorporation, or a partnership. This is a good strategy for optimising taxes,\nespecially for small business owners. <\/p>\n\n\n\n Additional\nRead:<\/strong> Tax\nSaving Tips for Small Businesses<\/a><\/p>\n\n\n\n Life insurance is, without any doubt, an important instrument for\nthe security of an individual and her family. It has additional benefits like\nproviding return on investments. Besides that, the premium paid on life\ninsurance of self, spouse, children (irrespective of whether they are dependent\nor independent and married or unmarried) can be claimed under section 80C,\nalong with other deductions (maximum capital of 1.5 lakhs). <\/p>\n\n\n\n As a business owner, you are invested in the growth of your venture.\nAt Tata Capital, we offer customised business loans<\/a> for\nsmall and medium enterprises for this purpose.<\/p>\n\n\n\n Get access to high loan amounts at reasonable business loan interest rates<\/a> to scale your business. <\/p>\n\n\n\n So, the next time its tax season, save money with these smart tips and tricks. For any financing requirements, get in touch with Tata Capital today.<\/p>\n\n\n\nApply for Housing Loans <\/strong><\/h2>\n\n\n\n
Make Donations<\/strong><\/h2>\n\n\n\n
Qualified Business Income Deduction<\/strong><\/h2>\n\n\n\n
Life Insurance Premium<\/strong><\/h2>\n\n\n\n