Thursday, June 13, 2024
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ways to save taxes

welcome folks, here is a intresting topic on which an article is also published on our news partner blog and it may be clear fro the topic it covers, ways to save taxes

everybody or anybody educated enough or having a sense of responsibility is bound to pay taxes.

Taxes are involuntary fees levied on individuals or corporations and enforced by a government entity, whether local, regional or national, in order to finance government activities. In economics, taxes fall on whomever pays the burden of the tax, whether this is the entity being taxed, such as a business, or the end consumers of the business’s goods.

in simple words A tax is a compulsory fee or financial charge levied by the government on an individual or institution to raise revenue. The total amount of tax collected is used for various public programs. According to the law, non-payment of tax by itself or by mistake can result in fines or punishment.

it’s a common phrase to hear that we are creatures of habit and this is true if you analyse your life — you wake up, brush your teeth, catch a cup of coffee, get ready to work and life goes on.

Habits help us through our lives and many things that we take for granted can be best credited if one analyses how the situation would be if one is not used to a routine.

Even when it comes to our finances, there are certain inherent habits that we have acquired — some good and some could be worked upon for better results. For instance, a regular income helps us to put several acts in order — rent, savings, tax saving and expenses among other day-to-day activities.

Yet, chances are we have developed the habit to earn and spend far easily than focus on tax saving.

One of the reasons why one is inclined to spend is that it is far easy and tangible with instant gratification compared with savings, which one can appreciate only in the future. This is why most taxpayers tend to start exploring the tax saving options available to them towards the end of the financial year. By getting into tax saving late in the day, one tends to miss out on exploring all the available options. If one starts saving tax early on in the financial year, one can avoid missing such opportunities.

read more here to know about tax saving in hindi.

Do read our analysis on free market and competition in the market.


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