Tag: income tax advisor kolkata

Methods To Save Tax While Filing Income Tax Returns

Post author By sm-gupta
Post date November 20, 2025

In India, many business owners encounter specific challenges when filing income tax returns. It involves regulatory challenges, operational issues, technical hurdles, and financial constraints. Henceforth, the owners consider it a complex tax. To boost savings and decrease the tax liability burden, a strategic plan for tax-saving opportunities is mandatory. To retain a significant portion of your money, it is necessary to save on taxes when filing your income tax return. Many
businesses save tax while filing income tax returns in Kolkata.

How to save tax while filing income tax returns?

Mentioned below are the methods to save tax while filing tax returns:

Implement Section 80 C deduction

To deduct 1.5 lakh from a huge sum of investment, it is better to implement Section 80C of the Income Tax Act. To implement this section, you can rely upon the public provident fund, life
insurance premium, national savings certificate and equity-linked savings scheme. It is one of the finest methods to save tax while minimising your tax liability.

Employer contribution to NPS u/s 80CCD(2)

Certainly, only the salaried individuals can apply Section 80CCD(2). An employer makes a huge sum of contribution than a particular employee. Under this section, the deduction is available in
addition to the deduction allowed under Section 80C. Moreover, the income tax department also suggests this approach to the business owners.

Transport allowance and conveyance allowance

For covering travel expenses between home and office, the employee is eligible for a transport allowance provided by the employer. For physically challenged employees, an exemption amount is available. A few expenses are incurred while performing office duties. To meet those expenses, a conveyance allowance is an appropriate option.

Exceptions eligible under Section 10

A new regime has been introduced, under which a voluntary retirement scheme is exempt. Government employees receive a gratuity that is exempt from taxation. According to the Payment of Gratuity Act, the exemption of the private employees’ gratuity depends on special
coverage. Even during the time of resignation or retirement, there is a leave encashment.

Rebate under Section 87A

If the taxable income is less than a certain amount, the taxpayers are eligible for a rebate. This rebate policy has been launched under the new tax regime. If the taxpayer's income is 12 lakh, then there is a chance of zero tax liability. Nowadays, majority of the companies are opting for rebates under Section 87A.

Voluntary retirement scheme

The employers offer a retirement scheme to employees nearing retirement. It indicates that the employee can opt for a voluntary retirement. Rs. 5 lakh is the exemption amount under this section. It is the easiest method to save tax while filing an income tax return. Hence, the business owners need to opt for this approach.

If you are looking to file your income tax returns, contact S.M. Gupta & Co. We have experts who can assist you with filing your tax returns. For several years, we have been serving our clients. Partner with us today. Our team will give you the appropriate tax solution.

Tags income tax advisor kolkata, Income Tax Returns, Tax Audit Services in Kolkata

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Time to Know More about Income Tax Deductions

Post author By sm-gupta
Post date June 13, 2022

Auditor in Kolkata

Filing income tax annually is a necessary task that every individual follows. Whether you are a salaried employee or a business owner, the rules remain the same. You can be assured of saving up a large sum when you pay your taxes strategically.

About Tax Deductions:

If you are looking to reduce the total sum of payable tax, tax deductions can act as a saviour. All you need is to invest your money wisely in various sources to reduce your overall tax liability. The amount of saved tax may vary according to the tax benefit type chosen by you.

In this blog, you will learn more about tax deductions mentioned under the Income Tax Act of India, 1961.

Details about Tax Deductions:

You need to collaborate with a well known income tax advisor in Kolkata to know the strategic ways of saving on your total taxable amount. Tax deductions come to your benefit in two ways. Firstly, you save a large sum on your tax money. Secondly, you invest your money in multiple avenues, most of which are social security programmes.

Difference between Tax Deduction and Tax Exemption:

It is worth noting that a tax deduction is very different from a tax exemption. You get different types of tax relief in tax exemption and may pay the taxable amount at a reduced rate. On the other hand, a tax deduction is a strategic move that can help you lower the total payable amount. Here are some benefits of tax deductions:

You pay a lower amount on your taxes by claiming a tax deduction.
You can invest the amount received from a tax deduction in other fields.
You can get benefits of tax deductions on various expenditures. These include tuition fees, medical costs and donations to charitable organisations.

Investments for Claiming Tax Deductions:

Various strategic expenditures help you save on the total tax amount. These are clearly mentioned by the Income Tax Act of India. You can find various useful options for a tax deduction.

Public Provident Fund
National Savings Certificate
Fixed Deposits in Banks
Senior Citizen Saving Schemes
Unit Linked Insurance Plans
EMIs on Home Loans
Stamp Duty Registration Charges

To get an in-depth knowledge of ways to deduct your taxes, take help from SM Gupta & Company. We have a team of expert income tax advisors in Kolkata. You can get insights about useful ways to lower your tax liability from us. We cater to the needs of individuals and businesses alike. Contact us today for more details.

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Income Tax Exemptions for Salaried Employees

Post author By sm-gupta
Post date November 16, 2021
12,710 Comments on Income Tax Exemptions for Salaried Employees

Income Tax Exemptions for Salaried Employees

Income tax advisor Kolkata SM Gupta. The Income Tax Act allows tax exemptions for salaried employees. It is quite effective in saving the taxes. The salaried employee must inform his employer about claiming the tax exemptions which are available as an option. Next, the employer will compute the tax on the balance income according to the income tax slab and deduct the TDS on the salary.

All these tasks can be burdensome, so most employees prefer hiring an income tax advisor in Kolkata for assistance.

The TDS deducted from the salary is reflected in Form 16 that the employer must give to all his employees. The deduction happens during the financial year. The employees can also download Form 26AS for the same requirement.

Income Tax Exemptions for Salaried People

1. HRA Exemption

Most companies offer their employees’ house rent or HRA. This allows them to reside comfortably in a good place. A portion of this rent is exempted from the levy of the Income Tax. The tax is only applied on the remaining part.

The HRA exemption is a valid tax exemption for salaried employees. You can claim it easily, and the exemption amount is large.

2. Leave Travel Allowance

Most employers give their employees special allowances to go on leaves and vacations. This amount of money is exempted from the taxes to a certain extent. However, certain terms and conditions are applicable. The tax exemption happens only if the employee goes on a vacation in India. This is because the company would ask for bills from the trip.

3. Encashment of Leaves

Most employers give their employees a certain number of days to claim as leaves. However, if you do not claim these leaves, it is an option for en-cashing, i.e. the employers will pay additional money to you for leaves that are still pending.

This amount is called leave encashment. It is allowed to be claimed under the tax exemptions up to a certain extent.

4. Pension Income

Upon employee retirement, most companies pay pensions to their employees. You might have to purchase an annuity to get the pension that the organisation pays. It is basically of two types – commuted and uncommuted. In the former, the amount of pension that you get is in a lump sum. In the latter, the company will pay you the money in instalments after you purchase the annuity.

Irrespective of whatever type it is, both fall under the tax exemption category to a certain limit.

For more detail, consult SM Gupta for professional tax advice and consultancy service.

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