Tax Liability and Any Ways to save Tax?
This query is : Resolved
28 February 2023
Hi,
My wife and I are both self-employed and work in online marketing.
We do not have any company registered and we bill our clients in our own name.
1) How can we save more tax? I mean, is there anything wrong with what we are doing and calculating our taxes? Will it be better to keep PnL and claim more expenses as self-employed professionals?
2) I am very confused with 24B and 80EEE .. do both applicable to me this year? The property is on my name only but my wife is also a co-applicant, can she also claim any deductions of loans?
3) Do we have to pay Advance tax? If so, how much to pay?
Please help
Thanks
My wife and I are both self-employed and work in online marketing.
We do not have any company registered and we bill our clients in our own name.
1) How can we save more tax? I mean, is there anything wrong with what we are doing and calculating our taxes? Will it be better to keep PnL and claim more expenses as self-employed professionals?
2) I am very confused with 24B and 80EEE .. do both applicable to me this year? The property is on my name only but my wife is also a co-applicant, can she also claim any deductions of loans?
3) Do we have to pay Advance tax? If so, how much to pay?
Please help
Thanks
28 February 2023
1 Opt for new scheme no need to save more. No need for p and l continue with 44ADA.
2 As she is not the owner of the house she can't claim any deduction.
3 Advance tax has to be paid if tax payable is more than 10,000
2 As she is not the owner of the house she can't claim any deduction.
3 Advance tax has to be paid if tax payable is more than 10,000
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