{"id":7732,"date":"2020-03-18T20:00:10","date_gmt":"2020-03-18T14:30:10","guid":{"rendered":"https:\/\/www.instamojo.com\/blog\/?p=7732"},"modified":"2022-12-03T23:54:53","modified_gmt":"2022-12-03T18:24:53","slug":"tax-saving-tips-for-small-business","status":"publish","type":"post","link":"https:\/\/www.instamojo.com\/blog\/tax-saving-tips-for-small-business\/","title":{"rendered":"8 Tax saving tips for small businesses to refer while filing returns"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">It&#8217;s the season to get your finances in order, but given how the economy is doing, are you scared about paying a lot of tax to the Government?\u00a0 Here are some tax-saving tips for small businesses in 2021.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Tax laws are complex, but with a little effort, you can save a lot more in taxes than you may have imagined. These <strong>tax-saving tips and deductions<\/strong>\u00a0can help you reduce tax liability when filing your Income Tax returns.<\/span><\/p>\n<p>The government announced May 20, 2021 that it was delaying the ITR filing deadline for most individuals for the financial year 2020-2021 from the customary July 31 to September 30, 2021. Form 16 submissions from employers was due on July 15, 2021, instead of June 15 as before.<\/p>\n<p>These were dates that were in the year of 2021, but the dates have revised this year, 2022. Here is the dates, <strong>7th december 2022<\/strong>, individual should deposit deadline for November 2022 tax deductions and collections.<\/p>\n<p>The central government must receive all money deducted or collected by government offices on the same day as tax payments are made, regardless of whether an income-tax challan exists. November 2022 is the due date for challan-cum-statement submissions for taxes that were deducted under section 194-IB. However, the most precise date for the <a href=\"https:\/\/incometaxindia.gov.in\/pages\/deadline.aspx#:~:text=30%20December%202022%20%2D&amp;text=%E2%80%8BFurnishing%20of%20report%20in%20Form%20No.\" target=\"_blank\" rel=\"noopener\">ITR<\/a> is <strong>December 30, 2022.<\/strong><\/p>\n<h2><strong>Tax saving tips for small businesses:<\/strong><\/h2>\n<h4><b>Investments<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">In Section <strong>80C<\/strong>, taxpayers are able to lower their taxable income by using tax-saving assets or qualifying expenses as a way to lower their taxable income. It permits an annual deduction from the taxpayer&#8217;s gross income of up to Rs <strong>1.5 lakh<\/strong>. Both individuals and HUFs are eligible to use this deduction&#8217;s benefits. The benefit of this deduction cannot be used by corporations, partnership firms, or LLPs. <strong>These tax-saving instruments include:<\/strong><\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Public Provident Fund<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">National Savings Certificate<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Sukanya Samriddhi Scheme<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Employee Pension Fund<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Equity Linked Savings Scheme<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Repayment of Principal amount on the home loan<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Bank deposits specified under Section 80C<\/span><\/li>\n<\/ul>\n<h4><b>Health<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Expenses towards life and healthcare are inevitable. With benefits spread under various heads, one can claim deductions for insurance and healthcare. These include:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Life insurance premium up to Rs 1.5 lakh <\/span><b>(Section 80C)<\/b><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Health insurance premium and preventive healthcare for a family up to Rs 60,000 <\/span><b>(Section 80D)<\/b><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Medical expenses for a disabled person (self) up to Rs 1.25 lakh <\/span><b>(Section 80U)<\/b><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Medical expenses for a disabled person (dependent) up to Rs 1.25 lakh <\/span><b>(Section 80DD)<\/b><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Treatment of high-risk diseases (as specified) is allowed as a deduction on actuals <\/span><b>(Section 80DDB)<\/b><\/li>\n<\/ul>\n<h4><b>Home<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">If you are a homeowner, you might already be saddled with long-term expenses. Use the following deductions to offset some tax liability:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Repayment of principal on a home loan up to Rs 1.5 lakh <\/span><b>(Section 80C)<\/b><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Deduction of interest paid towards home loan up to Rs 2 lakh <\/span><b>(Section 24)<\/b><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">For first-time home buyers, benefit on the interest of Rs 50,000 <\/span><b>(Section 80EE)<\/b><\/li>\n<\/ul>\n<h4><b>Education<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">The tax department provides some relief against the rising cost of education. Whether for yourself or a dependent, <strong>see if you can claim benefits for the following:<\/strong><\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Tuition for children\u2019s education up to Rs 1.5 lakh (maximum of 2 children) <\/span><b>(Section 80C)<\/b><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Deduction on the interest of educational loan (on actuals) <\/span><b>(Section 80E)<\/b><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Any amount received as a scholarship.<\/span><\/li>\n<\/ul>\n<p>However if you are interested to learn more about <a href=\"https:\/\/www.instamojo.com\/blog\/how-to-save-taxes-for-small-businesses\/?utm_source=imblog&amp;utm_medium=interlinking&amp;utm_campaign=tax\" target=\"_blank\" rel=\"noopener\">How digital payments can help you save texes tomorrow<\/a>, then be smart enough to know what to do today with your small business.<\/p>\n<h4><b>Expenses \u2013 salaried professionals<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">As an employed professional, your organization may be including certain benefits in your package as a cost to the company. Revisit your offer letter to check for value-added benefits or speak to the concerned HR person. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Regardless, you can claim certain expenses as deductions from your taxable income:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">House Rent Allowance <strong>(HRA)<\/strong> based on a calculation across four parameters <\/span><b>(Section 10{13A})<\/b><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Expenses under Leave Travel Allowance <strong>(LTA)<\/strong> for you and your dependents for travel within India (subject to certain conditions) <\/span><b>(Section 10{5})<\/b><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Expenses up to Rs 19,200 per year for local travel <\/span><b>(Section 10{14}{ii})<\/b><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Reimbursements on telephone and internet expenses to the tune of Rs 2000 <\/span><b>(Section 3{7}{ix})<\/b><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Meal coupons up to the value of Rs 2600 per month <\/span><b>(Section 17{2}{vii})<\/b><\/li>\n<\/ul>\n<h4><b>Expenses \u2013 business<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">A businessperson can claim work-related expenses as a part of the business expenditure and claim deductions on taxable income.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">All expenses on travel and stay for the purpose of business <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Entertaining clients, vendors, etc. over meals <\/span><\/li>\n<\/ul>\n<h4><b>Charity and donations<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Contributing to the wellbeing of the underprivileged and the welfare of the state also has its advantages with the following deductions:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Contributions to a registered charitable institution up to Rs 2000 <\/span><b>(Section 80G)<\/b><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">100% donation to a scientific research or rural development unit <\/span><b>(Section 80GGA)<\/b><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Donations to political parties, subject to certain conditions <\/span><b>(Section 80GGC)<\/b><\/li>\n<\/ul>\n<h4><b>Other Tax exemption avenues<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Certain sources of income or gains are <strong>exempt from tax, such as<\/strong>:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Gifts, cash, etc. received on your marriage <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">If you are a farmer, any income arising out of agricultural land or produce <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Any inheritance through a will <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Equity or mutual fund gains beyond a holding period of one year <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Dividend received from equity or mutual fund investments <\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">This list is not exhaustive, and we suggest you speak to a tax professional who will be able to advise you in greater detail. Need to talk to a tax expert? Get on a call with an <strong>expert CA of ClearTax &#8211; Instamojo&#8217;s taxation partner.<\/strong><\/span><\/p>\n<p>If you are new to figuring out taxes for your businesses, we have curated courses on mojoVersity, just for you. <strong>Register for a FREE course<\/strong> on understanding <a href=\"https:\/\/www.mojoversity.com\/p\/basics-of-gst-guide-for-businesses?utm_source=imblog&amp;utm_medium=interlinking&amp;utm_campaign=mojoversity_gst\" target=\"_blank\" rel=\"noopener\"><strong><span style=\"color: #3366ff;\">how Goods and Services Tax (GST) applies to your business.\u00a0<\/span><\/strong><\/a><\/p>\n<div class=\"cs-embed cs-embed-responsive\"><iframe loading=\"lazy\" title=\"Free GST Course: Basics of GST Simplified for Small Business\" width=\"1200\" height=\"675\" src=\"https:\/\/www.youtube.com\/embed\/bH3WrRDW3MY?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/div>\n<hr \/>\n<p style=\"text-align: center;\"><a class=\"mb-button mb-style-flat mb-size-default mb-corners-default mb-text-style-default \" style=\"background-color: #4e4e91;\" href=\"https:\/\/www.instamojo.com\/?utm_source=imblog&amp;utm_medium=interlink&amp;utm_campaign=home_page\" target=\"_blank\" rel=\"noopener\">Sign up with instamojo<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"It&#8217;s the season to get your finances in order, but given how the economy is doing, are you&hellip;\n","protected":false},"author":6,"featured_media":13184,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[398,5323],"tags":[2518,3047,3045,3044,3046,183,3049,3052,3051,3048],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>8 Tax Saving Tips For Small Businesses To Refer While Filing Returns<\/title>\n<meta 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