Running your own business as a sole proprietor offers a sense of freedom and control. But tax season can bring a different kind of stress! As a sole proprietor, your business income is considered your personal income for tax purposes. This means understanding how to manage your tax burden is crucial for maximizing your profits […]
How to Reduce Taxes for Sole Proprietor: The 3 Best Ways Read More »
Running a successful proprietorship firm is about more than just generating revenue. As a business owner, you also need to be mindful of your tax obligations. Fortunately, there are several strategies you can employ to reduce your tax burden and keep more of your hard-earned profits. This comprehensive guide will equip you with the knowledge
How to Save Tax in Proprietorship Firm: Maximize Your Profits Read More »
Sole Proprietorship Taxation: Understanding Individual Tax Slabs (June 2024) While there’s no separate “proprietorship tax slab” in India, sole proprietors are taxed under the regular individual income tax slabs. Here’s a table outlining the current tax structure (as of June 2024): Income Slab (₹) Tax Rate (%) Surcharge (on Tax) Marginal Relief for Surcharge Total Tax Payable
Proprietorship Tax Slab in India: A Comprehensive Guide Read More »
Benefit Description Loan Approvals Easier access to credit Tax Refunds Claim excess tax deducted Income & Address Proof Valid documentation Carry Forward Business Losses Offset future tax liability Claim Tax Deductions Reduce tax burden 5 benefits to sole proprietors who file their IT Returns regularly Filing income tax returns (ITRs) is not just a mandatory
5 benefits to sole proprietors for filing income tax returns Read More »
Sole proprietors have a unique advantage when it comes to managing their taxes. They have the flexibility to claim deductions on business expenses that can help reduce their taxable income. However, many sole proprietors are not aware of the expenses they can claim and end up paying more taxes than necessary. In this article, we
6 Expenses a Sole Proprietor Can Use to Reduce His Tax Read More »
Table of Contents Sole Proprietorship Taxation is one of the least understood topics amongst small business owners. If you run a sole proprietorship and have not understood the taxation aspects that affect you and your business, then you might find this article very useful. The sole proprietors are the backbone of the Indian economy. It
Sole Proprietorship Taxation in India Read More »
Table of Contents Sole Proprietors are the most common type of business owners running businesses in India. Such businesses are called sole proprietorships and are usually run and managed by single owners known in Income Tax as Individual tax payer. This being business run by single person, income tax rates of individual are applicable and
5 Ways A Sole Proprietor Can Save Tax Read More »
Table of Contents In our last article “ 5 ways to save tax for sole proprietor” we had seen some basic things how a sole proprietor can save tax and grow his business. In this article we will see in detail what are other tax saving tools for small business class which will also help
Tax planning tools for Sole Proprietor Read More »
GST, One Nation One Tax system created a Taxation history on July 1st, 2017. Albeit making Businessmen to stop evading taxes, post – GST era has created inconvenience for them.
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