1οΈβ£ Depreciation on Fixed Assets - Businesses can claim depreciation on fixed assets like machinery, equipment, and vehicles, which reduces taxable income. π
2οΈβ£ 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. π§ΎπΌ
3οΈβ£ 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. ππ
4οΈβ£ 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. π©βπΌπ¨βπΌ
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