In this video, I will share some tax saving tips that can help you reduce your income tax liability in Pakistan. These tips are based on my experience as a professional tax lawyer.
Tax Saving Tips:
• Claim all allowable deductions and exemptions. This includes expenses for medical treatment, education, charitable donations, and other legitimate expenses.
• Take advantage of tax credits and rebates. There are a number of tax credits and rebates available to taxpayers, such as the child tax credit and the education tax credit.
• Invest in tax-efficient assets. There are a number of investments that can help you reduce your taxable income, such as tax-free savings accounts and retirement accounts.
• Consider hiring a tax professional. A tax professional can help you ensure that you are taking advantage of all the tax deductions and credits that you are eligible for.
Conclusion:
By following these tips, you can reduce your income tax liability and keep more of your hard-earned money.
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Additional Information:
In addition to the tips mentioned in the video, I also recommend that you file your income tax return early. The deadline for filing your income tax return for the 2022-23 tax year is September 30, 2023. Filing your return early will give you more time to gather the necessary documentation and avoid any penalties for late filing.
I hope these tips help you reduce your income tax liability and save money.
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Khalid Bari is a versatile professional specialising in Law, Entrepreneurship, YouTubing, Writing, and Public Speaking. He holds an LLM and is the CEO of Al-Khalid Law Firm, offering various legal services worldwide. Khalid is also the Founder of the Adal-O-Insaf Foundation, which focuses on protecting the fundamental rights of the underprivileged. He serves as President of the Young Lawyers Forum (YLF) and is a dedicated advocate for nature and sustainability.
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