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Monday, 31 August 2015

IT returns Have you claimed these deductions

IT returns: Have you claimed these deductions

Freelancers and entrepreneurs can reduce their tax outgo by claiming these not-so-well-known deductions:

For the salaried class, it is easy to file returns. There is Form 16 to turn to. There are also defined and well known heads under which salaried employees can claim deductions.However, for freelance professionals and consultants, it's a different story . To claim certain deductions, besides having to keep records of various financial transactions, they have to ensure that some little-known conditions are also met. "Quite often, they tend to miss out on claiming genuine expenses because of lack of awareness," says Varun Advani, COO, makemyreturns.com.Clearly, information is key to keeping the money in one's own pocket. Here's how freelancers and new entrepreneurs can ensure they do not miss out on deductions they are eligible for.

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