Save Tax 2015

TOP 10 TAX SAVING TIPS
FOR INDIAN ENTREPRENEURS
GururajAssociates.com
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TIP #1
ADVANCE
TAX
Pay Advance Tax in time so that

you can avoid interest and
penalty for not paying advance
tax can be saved.
What is Advance Tax?

As the name suggests, advance tax refers to paying a part of your
taxes before the end of the financial year. Also called 'pay-as-youearn' scheme, advance tax is the income tax payable if your tax
liability is more than Rs. 10,000 in a financial year. It should be paid
in the year in which the income is received.
Life Insurance payment and

Medical Insurance payment is
one more investment and tax
saving technique.
TIP #2
PERIODIC
INSURANCE
PAYMENT
Section 80-C & 80-D

As insurance payment will be deducted from the income itself, you
can save 30% tax if you are in 30% slab, 20% save if you are in
20% slab and so on.
TIP #3
Interest on education loan is also

deductible from income as a tax
saving component.
INTEREST ON
EDUCATIONAL
LOAN
Section 80-E
An education loan can not only fund higher studies of your children
can but also help save tax. The interest paid on the education loan
can be claimed as deduction, as per Section 80E of the Income Tax
Act, 1961.
School fees of your kids also can

be part of tax saving component.
Section 80-C
Deduction under this section is available for tuition fees paid on two
childrens education. If Assessee have more then two children then
he can claim tuition fees paid of only two childrens. The Deduction
is available for any two children.
TIP #4
SCHOOL
FEES
TIP #5
RENTAL
INCOME
If housing loan is paid and interest on

housing loan is deducted from
income, it is restricted to Rs.
1,50,000/- only.
On the other hand, if you show rental
income and claim interest on housing
loan, then deduction is actual.
That means, if you paid Rs. 5,00,000/towards interest, full amount can be
taken as deduction from income.
Please show profit/

Loss of speculation
income, otherwise
you will end up in
paying tax
unnecessarily.
Because, many a times it so happen
that you will have speculation loss
along with speculation gain also.
TIP #6
SPECULATION
INCOME
If you ignore it and calculate tax, you

will be missing a huge tax exemption.
TIP #7
If you pay your tax on time and file,

you will save interest and penalty on
time.
FILE TAX
ON TIME
Please pay
housing loan and
property tax on
time because, both
the components
are tax saving
components.
If you do not pay on time, payment
may go to next year and this you may
miss the benefit.
TIP #8
PAY HOUSING
LOAN &
PROPERTY TAX
ON TIME
TIP #9
IF YOU SELL
Sometimes, it so happen that you may

end up in paying huge tax, interest
and penalty when you ignore property
transaction by mistake.
YOUR PROPERTY
DECLARE IT
Sometimes you may forget

incomes like bank interest,
professional fees, commission
etc.
If you forget these incomes and file your
return, income tax department will add
all these incomes to the income
declared by you and calculate tax on
that.
TIP #10
PLEASE CHECK
FORM 26 AS
BEFORE YOU
FILE TAX
RETURNS
Balance tax payable will attract interest

and penalty which is unnecessary.
BONUS TIP #1
VAT
REGISTRATION
If you are a product dealer and doing

more than 5 lakhs sales per annum,
please get VAT registration, otherwise,
you may get penalised when you are
selling goods.
You may also miss the
benefit of getting
concession from
paying tax if you are
purchasing outside the
State.
Please get registered under

labour department if you have a
shop or commercial
establishment.
You will be able to avoid unnecessary
penalty when department people come
for inspection.
One more advantage is, you can use
the certificate to open a bank account
as business proof.
BONUS TIP #2
LABOUR
DEPARTMENT
REGISTRATION
BONUS TIP #3
SERVICE
PROVIDER
REGISTRATION
Please get registered if you are a

service provider. There is 10 lakh
exemption in a year. Therefore, you
need not to collect service tax from
customer.
Even if you want to
enrol yourself in
corporates as vendor,
you will be needing
this, without which you
may not get the
enrolment.
DID YOU FIND

THIS INFO USEFUL?
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TOP 10 TAX SAVING TIPS

FOR INDIAN ENTREPRENEURS

Pay Advance Tax in time so that

What is Advance Tax?

Life Insurance payment and

Section 80-C & 80-D

Interest on education loan is also

School fees of your kids also can

If housing loan is paid and interest on

Please show profit/

If you ignore it and calculate tax, you

If you pay your tax on time and file,

Sometimes, it so happen that you may

Sometimes you may forget

Balance tax payable will attract interest

If you are a product dealer and doing

Please get registered under

Please get registered if you are a

DID YOU FIND

GET A FREE CONSULTATION

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