Junior Chintamani: My cafe habit is really getting too heavy on my pockets. Even after online offers and discounts every month I spent more than Rs. 30,000/- in cafe bills. Kya karu to save any money from this?
CA Sachin: Cafe jana he band kar de!
Junior Chintamani: Sir Ji Voh toh nhi ho sakta, its my favourite place for my client meetings, aap k pass kuch aur tarika toh zaroor hoga CA sahab!!
CA Sachin: Toh sun, jab bhi you pay your cafe/ restaurant bills for meeting purposes you can claim it as your Business Expenses.
Junior Chintamani: isse kya hoga?
CA Sachin: Isse hoga yeh that - by claiming it as your business expenses, your Taxable Income will reduce and will ultimately save your Income Tax.
Junior Chintamani: Ohhhkaayy...
CA Sachin: By doing so, you may save money in Income Tax by upto Rs. 1,08,000/- (Rs. 30000 x 12 months x 30% Tax Rate). But make sure you can claim only for your business meetings and not your personal one and keep the proper records of the bills.
Junior Chintamani: Oh wow, that's really cool hack, I will surely keep records of all Cafe bills and payments details. Achahua Dad (Chintamani) ki baat sun kar me aapsemilna aa gaya!! Ab iss bache hue Rs. 1 lakh ka iPhone le lunga!!
CA Sachin: isme bhi you can...
Junior Chintamani: Really!! iPhone buy karne me bhiI can save money.... Jaldi batao kaise?
CA Sachin: Voh next meeting me bataunga!
(Stay Tuned)
CAclubindia
