If you are earning, tax is necessary for all. In the tax season, everyone is worried about tax but let face the reality. At the beginning, the very important to understanding the difference between Tax Avoidance and Tax minimization. So many people blurred with these these two terms. Tax avoidance or tax scheme is an artificial to avoid or defer tax obligations. You are only the response to the correctness your tax return. The following terms are some tips for saving tax,
1. Ascertain your income for the financial year 2015-2106:
Information from all other sources of income, including business income, investments and interest which received from the bank. Either defer your income or bring forward deduction are the one of the best ways to save tax in the current year.
2. Log book for vehicle:
Keep a log book and keep all your expenses for the year in the event you use your car for work.
3. Keep track of Interest:
Generally, the people have that interest earned on their savings is not an income and so, didn’t declare the interest earned in their tax returns.