4 Lesser Known Tax Saving Options
BENGALURU: The new financial year 2015 has already started. It’s time for tax payers to be alert, as it is time for tax payment. Be it a common man or a business man, every person is imposed with tax. That’s the reason why this term irritates every individual employer all over the world.
To minimize the pressure of all the tax payers around the world, the scripbox.com has illustrated few key fundamentals. These lesser known ideologies will surely help each and every tax payer to save some portion of his or her income:
1. Balance Your Capital Losses: Capital gains like profits from stocks and shares are generally taxed at favorable rate than your income. Short term capital gains do not benefit you in saving taxes where as long term gains will always help.
If you can manage to have control over your assets for a long span of time, then you are liable to be allowed for a tax deduction on your profits.
The only thing you need to do to get eligible under such deduction benefit is to make sure to keep the statement of your trading account and the details of the transactions that led to losses. You can show these details to claim for the benefits.
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