The government expects every citizen of a country to pay taxes truthfully and on time without fail. As a responsible citizen if you pay taxes you are helping the government to develop your country. You should never escape from paying taxes because the money that you pay for the government is utilized for providing you with better facilities. But also there are certain provisions in the law that will allow you to pay less tax as well. Evading tax is legal in certain conditions and people do it to save money.
- If you own a home business you are eligible for tax deductions. Also if you employ your family members then the government entitles you for a concession with taxes.
- You can also avail health insurance for you and your family.
- If you apply for an educational loan the taxes are deducted while you pay it back to the bank.
- You can also donate money to charitable trusts and it would not be taxable.
- In certain cases there are exemptions of paying taxes if you apply for a housing loan.
The above mentioned points are just the basic ideas on how to save you from paying huge taxes. For detailed information about how to save your money you can always get in touch with a tax consultant. They would be able to brief you about the procedures and would give you several tips with regards to saving income tax.
Different states have different laws and provisions about evading the tax legally. Everything should be within the control and also documented to show the proof to the government whenever the necessity arises. Never follow a wrong path in the pursuit of saving your hard earned money because the money that you would be paying to the government in the form of tax is for the welfare of your own country.