Guide To Filing ITR For Freelancers In India
Hidden Gold: Lesser-Known Exemptions
India’s tax code is a dense jungle, but when properly navigated, offers hidden trails of savings through lesser-known exemptions. Freelancers often discover too late that simple eligibility changes like declaring investments in certain government funds or bonds can lead to significant shifts in tax liabilities. Imagine the surprise when these shifts recover half your paid taxes!
Did you know that donating to specific charitable institutions could secure a 50% to 100% exemption under Section 80G? Or that investing in startups eligible under Section 54GB might defer your capital gains tax? Many freelancers overlook these simple yet effective strategies, resulting in unnecessary tax payments.
Another thrilling exemption lies within the transport system, where telecommuting allows claims on vehicle depreciation and related fuel costs under standard mileage rates. A legal trick known by few that can tear down taxable earnings surprisingly.
Taking full advantage of these can transform your financial bottom line. The trick lies in exploring IRS-approved lists, updating your knowledge continuously, and recognizing that tax-saving opportunities are everywhere, hiding in plain sight. Up next, ride the wave of these secrets as we delve deeper into surprising scenarios…