Assignment of Business Tax Procedure and Management
Assignment Of Business Tax Procedure And Management
As a student of commerce, we are supposed to know that what are the various methods through which we can plan our tax liability as an individual, firm or company. This assignment gives the overview of different ways of tax planning according to the circumstances prevailing at that context.
FINDING OUT THE WAYS TO MINIMIZE THE TAX LIABILITY OF INDIVIDUAL, FIRM AND COMPANIES… [ASSIGNMENT OF BUSINESS TAX PROCEDURE AND MANAGEMENT] October 23, 2012
1) METHODS OF REDUCING TAX LIABILITY OF INDIVIDUAL.
1. Exhaust your entire Section 80c deduction: Under Section 80C, the maximum deduction available is Rs 100,000 pa which investors should seek to utilize. Make sure that financial products which you are choosing here are in line with your overall financial planning. In addition, individuals do understand that the benefits are capped. For instance , investing 70,000 in Public Provident Fund and 50,000 in ELSS funds will give you tax benefit of 1,00,000 only. In addition make sure that you deduction.
make investments of over Rs 1, 00,000 in Section 80C designated avenues but they need to
keep in mind your Employee Provident Fund (EPF) yearly amount too while investing for 80c Always look at the investments from the perspective whether it will meet your specific requirements on maturity. You should also try to diversify your savings in different instruments.
Following are some of the investments/contributions qualify for Section 80C deductions, Public Provident Fund: Assured and tax free returns have made Public Provident Fund (PPF) as a
preferred choice for risk adverse investors for years. It is an excellent tool for long term investment professionals or businessmen not covered under Employees Provident Fund. We believe PPF should Long term goals can definitely be realized through PPF.
and is risk free as it is backed by government. It is even more significant for self-employed ideally be a very
As a student of commerce, we are supposed to know that what are the various methods through which we can plan our tax liability as an individual, firm or company. This assignment gives the overview of different ways of tax planning according to the circumstances prevailing at that context.
FINDING OUT THE WAYS TO MINIMIZE THE TAX LIABILITY OF INDIVIDUAL, FIRM AND COMPANIES… [ASSIGNMENT OF BUSINESS TAX PROCEDURE AND MANAGEMENT] October 23, 2012
1) METHODS OF REDUCING TAX LIABILITY OF INDIVIDUAL.
1. Exhaust your entire Section 80c deduction: Under Section 80C, the maximum deduction available is Rs 100,000 pa which investors should seek to utilize. Make sure that financial products which you are choosing here are in line with your overall financial planning. In addition, individuals do understand that the benefits are capped. For instance , investing 70,000 in Public Provident Fund and 50,000 in ELSS funds will give you tax benefit of 1,00,000 only. In addition make sure that you deduction.
make investments of over Rs 1, 00,000 in Section 80C designated avenues but they need to
keep in mind your Employee Provident Fund (EPF) yearly amount too while investing for 80c Always look at the investments from the perspective whether it will meet your specific requirements on maturity. You should also try to diversify your savings in different instruments.
Following are some of the investments/contributions qualify for Section 80C deductions, Public Provident Fund: Assured and tax free returns have made Public Provident Fund (PPF) as a
preferred choice for risk adverse investors for years. It is an excellent tool for long term investment professionals or businessmen not covered under Employees Provident Fund. We believe PPF should Long term goals can definitely be realized through PPF.
and is risk free as it is backed by government. It is even more significant for self-employed ideally be a very