How to Save Money on Your Taxes as a Start-up Business Owner?

Keep accurate records of your expenses.

1

This is the most important tip. You need to keep receipts, invoices, and other documentation that shows the amount and purpose of your expenses. You should keep these records for at least six years, as the Income Tax Department may ask to see them during an audit.

File your tax returns on time.

2

The deadline for filing your income tax return for the current financial year is 31st July. Ensure that you file the return before date.

Claim your deductions on your tax return.

3

When you file your income tax return, you will need to fill out a schedule that lists your business expenses. You will need to provide the amount of each expense and the date it was incurred.

Be aware of the limitations on deductions.

4

Not all expenses are deductible. The amount of the deduction for some expenses may be limited by the Income Tax Act. For example, the deduction for depreciation is limited to the cost of the asset and its useful life.

5

If you have any questions about start-up business tax deductions, you should consult with a tax advisor. They can help you understand the specific rules and limitations that apply in India and ensure that you are claiming all of the deductions that you are entitled to