Hello Everyone.,
one of my client's is on contract based job., recently govt issued a notification as making their jobs as permanent... now they are settling his past service by paying 20 lakhs...
how to save tax on this.
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Settlement amount - tax saving
Replies (2)
You can invest the settlement amount in tax-saving instruments such as LIC, PPF or NSC to avail of deductions under Section 80C.
Show Receipts as professional income and section 44ADA will help you to save tax.
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