Knowledge Hub: Stay Updated with Accounting, Tax & Finance Insights

Explore our latest guides, articles, and tips to manage your finances, stay tax-compliant, and grow your business effectively.

1 .Resource Categories :-

Taxation & Income Tax Tips

Articles on income tax filing, tax planning, deductions, and exemptions.

Top 10 Tax-Saving Tips for Individuals in 2025

1. Invest in Tax-Saving Instruments (Section 80C)

Invest in ELSS, PPF, NSC, or life insurance premiums to claim deductions up to ₹1.5 lakh under Section 80C. Start early to benefit from compounding.

2. Claim Deduction for Health Insurance (Section 80D)

Premiums paid for self, spouse, children, and parents are eligible for deductions. Senior citizens get higher limits, helping you save more.

3. Opt for Home Loan Benefits (Section 24 & 80C)

Claim deductions on principal repayment (under 80C) and interest paid (under Section 24) to reduce your taxable income.

4. Contribute to NPS for Retirement Savings (Section 80CCD)

Invest in the National Pension Scheme for additional tax benefits up to ₹50,000 over the 80C limit.

5. Utilize HRA & Rent Receipts

If you live in a rented house, claim House Rent Allowance (HRA) to reduce taxable salary.

6. Take Advantage of Education Loan Deductions (Section 80E)

Interest paid on loans for higher education is deductible for up to 8 years, easing your financial burden.

7. Save via Tax-Free Allowances

Use allowances like transport, meal coupons, or professional development funds offered by your employer, which are non-taxable.

8. Invest in Senior Citizen Savings Schemes (SCSS)

Individuals above 60 can invest in SCSS to earn safe returns and claim deductions under Section 80C.

9. Donate to Charitable Causes (Section 80G)

Donations to approved NGOs or charitable organizations are eligible for tax deduction, helping society while saving tax.

10. Review Your Tax Planning Annually

Monitor investments, exemptions, and deductions every year. Early planning ensures you don’t miss opportunities to save tax.

2. GST & Compliance Updates :-

Guides on GST registration, filing, audits, and updates in regulations.

Filing GST correctly is crucial for small businesses to stay compliant, avoid penalties, and maintain smooth operations. At Tuljai Chartered Accountants, we provide a simple, step-by-step guide to make GST filing hassle-free.

Step 1: Understand Your GST Requirements

Identify whether your business falls under GST registration thresholds. Most small businesses with annual turnover above ₹20 lakh (₹10 lakh in special category states) must register. Determine the GST type: CGST, SGST, or IGST.

Step 2: Collect All Relevant Documents

Ensure you have:

  • GSTIN registration certificate
  • Sales and purchase invoices
  • Bank statements and expense bills
  • Input Tax Credit (ITC) details

Step 3: Log in to GST Portal

Visit the official GST portal (www.gst.gov.in). Use your GSTIN, username, and password to access your business dashboard.

Step 4: Prepare Your GST Returns

  • GSTR-1: Report all outward supplies (sales) for the month/quarter.
  • GSTR-3B: Summarize total sales, purchases, and input tax credit.
    Ensure all invoices are accurate and match your accounting records.

Step 5: Claim Input Tax Credit (ITC)

Verify the input tax credit from your purchase invoices. ITC can be used to reduce your GST liability, lowering the amount you pay to the government.

Step 6: Pay GST Liability

After calculating total tax payable (GST on sales minus ITC), make the payment using the online payment facility on the GST portal.

Step 7: Submit Returns & Verify

Once payment is complete, submit your GSTR-1 and GSTR-3B on the portal. Keep an acknowledgment receipt for your records.

Step 8: Maintain Records

Maintain proper books of accounts, invoices, and GST-related documents for at least 6 years, as per GST law. This ensures smooth audits and compliance checks.

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