5 Ways to Claim Tax Deductions for Self Employed
Premium Insurance:
Insurance premium paid in respect of stores and stock, machinery as well as furniture employed for professional use as well as repairs and depreciation for it is also allowed for claiming tax deduction. Cost incurred on employees including commission and bonus amount as well as health insurance amount tendered for their insurance needs.
Conclusion:
To become more tax-efficient, a self-employed individual with family members who contribute in some or the other way can employ them and in turn shift a part of his income to them. So, all of their remuneration shall also be eligible for claiming deduction. A Hindu Undivided Family (HUF) can also be formed for income distribution. Here self-employed individual should also remember to discharge their advance tax liability that is to be paid for any income source for which the TDS is not deducted.
