10 Unusual Ways to Save Tax You Haven’t Heard Of | Fruitdunia
Unusual ways to save tax
Tax is a compulsory contribution imposed by the government on individuals or organizations to finance public services such as health, education, defense, infrastructure, and more. Taxes can be levied on income, property, goods, services, and transactions, among other things. The amount of tax that an individual or organization owes is calculated based on their taxable income or other relevant factors.
To save tax, individuals can take advantage of various tax-saving strategies and investments allowed under the tax laws of their country. Some of the common ways to save tax include investing in tax-saving mutual funds, buying a health insurance policy, claiming deductions for home loan interest, making charitable donations, and more.
Here are 10 unusual ways to save tax:
- Claim deductions for your hobbies: If your hobby is related to your profession, you may be able to claim deductions for expenses related to it. For example, if you are a photographer and your hobby is also photography, you can claim deductions for expenses related to your camera, lenses, accessories, and more.
- Rent out a room in your house: If you have a spare room in your house, you can rent it out and earn rental income. This income can be exempted up to a certain limit under tax laws.
- Take a home loan jointly: If you take a home loan jointly with your spouse or parent, you can claim higher deductions for home loan interest and principal repayments.
- Claim deductions for your pet: If you own a pet and it is used for security purposes, you may be able to claim deductions for expenses related to its upkeep.
- Invest in infrastructure bonds: Investing in infrastructure bonds can help you save tax as the interest income from such bonds is exempted from tax up to a certain limit.
- Take a sabbatical: If you take a sabbatical from your job to pursue higher studies, you can claim deductions for the expenses incurred on tuition fees, travel, and more.
- Invest in art: Investing in art can help you save tax as the capital gains from the sale of art are taxed at a lower rate compared to other assets.
- Claim deductions for your profession: If you are a professional, you can claim deductions for expenses related to your profession, such as office rent, professional fees, and more.
- Invest in a senior citizen savings scheme: Investing in a senior citizen savings scheme can help you save tax as the interest income from such investments is exempted up to a certain limit.
- Use a car for business purposes: If you use a car for business purposes, you can claim deductions for expenses related to it, such as fuel, insurance, maintenance, and more.
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