Artices

1️⃣ Depreciation on Fixed Assets - Businesses can claim depreciation on fixed assets like machinery, equipment, and vehicles, which reduces taxable income. 📉

2️⃣ Business Expenses - Deductions are available for expenses directly related to the business, such as rent, employee salaries, travel, office supplies, and utilities. Ensure all business-related expenses are recorded. 🧾💼

3️⃣ Choosing the Right Business Structure - While setting up the business, a business owner should choose the right structure. For example, a sole proprietor pays taxes at slab rates that can go up to 30%, whereas a company has to pay a flat 22% tax rate. 📊📑

4️⃣ Section 80JJAA - Deduction for hiring new employees. A deduction of 30% of additional employee costs is allowed for three years, if certain conditions are met. 👩‍💼👨‍💼