How to reduce your income tax by claiming your expenses with the help of IHSS and TSES

Introduction: Why you need to know about Income Tax and other traps

Knowing the tax code is one of the most important aspects of being an accountant. It is also a requirement for any other person who wants to work in the accounting field.

Knowing about income tax and other traps is not just important for accountants. If you are looking to start a business, you need to know how taxes will affect your business’s performance and profitability. You need to know about IHSS, TESSE and other traps that will affect your business’s profitability and sustainability.

Income Tax: Income Tax is a form of tax that people pay on their earnings from employment or self-employment, pensions, or any other source of income. The amount of Income Tax that people pay depends on their total taxable income (the amount left after deductions).

The Six Steps for Reducing Your Income Tax by Claiming Your Expenses on IHSS

Income Tax is a type of tax on the income of individuals, corporations and other legal entities. The amount of income tax an individual or a corporation is liable to pay depends on the total amount of taxable income it earns in a financial year. Income Tax is one of the most important taxes in India because it contributes to more than half of the total revenue collected by the Indian government.

Income Tax can be reduced by claiming expenses incurred for earning that income. Expenses incurred for earning an individual’s income may include any expenditure that he has made out-of-pocket, such as his medical expenses, travel expenses, house rent and so on. All these expenses are deductible from his gross income and will reduce his taxable income and consequently his Income Tax liability.

This article discusses six steps to