Basic information on ways to save tax
- Consult an Accountant to have all checked boxes before starting your business
- Select a right business structure for your business.
- Use business bank account for business income and expenditure
- Avoid GST Registration until its necessary
- Keep good records
- Pay tax on time to avoid late payment penalties & use of money interest
- Declare all your income to avoid huge tax liabilities at a time
- Use tax pooling to reduce your exposure to use of money interest and increase your return on over payments(certain tax types are eligible to use it)