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Don't Miss This Tax Tip: Save Lakhs with One Smart Move

Shreya Kapoor shares how you can legally pay zero tax on rupees 24 lakh income

Shreya Kapoor,Shreya Kapoor Instagram,Shreya Kapoor Latest updates,Shreya Kapoor finance expert,Shreya Kapoor gold investment,Whosthat360,social media,news and media

Don't Miss This Tax Tip: Save Lakhs with One Smart Move

Photo Credit: Instagram

Highlights
  • Pay zero tax on ₹24 lakh income using presumptive taxation
  • Declare only 50% (professionals) or 68% (businesses) as profit
  • Keep lifestyle aligned with declared income to avoid scrutiny

Finance influencer Shreya Kapoor shares a powerful tax-saving strategy that could help freelancers, consultants, and small business owners legally pay zero tax on ₹24 lakh income. She explains how India's presumptive taxation scheme makes it possible to save big while staying fully compliant with tax laws.

What is Presumptive Taxation?

Presumptive taxation is a simplified way to file taxes. Instead of showing every expense and maintaining detailed books, you declare a fixed percentage of your income as profit. This method is available under Section 44ADA for professionals and Section 44AD for small businesses.
Professionals: Pay Zero Tax on ₹24 Lakh Income

Under Section 44ADA, professionals like doctors, lawyers, architects, and consultants can declare 50% of their total income as profit. So, if you earn ₹24 lakh in a year, you only need to report ₹12 lakh as taxable income. Under the new tax regime, this can result in zero tax liability, especially if you claim standard deductions and rebates.

Small Businesses: Even Lower Taxable Income

For small businesses, Section 44AD allows you to declare 6% of turnover (if digital payments) or 8% (if cash) as profit. If your turnover is ₹2 crore, your taxable income could be as low as ₹12–16 lakh. That's a huge relief for small traders, shop owners, and service providers.

One Important Catch

While this scheme is legal and widely used, your lifestyle must match your declared income. If you report ₹12 lakh income but drive a ₹50 lakh car or live in a luxury apartment, the Income Tax Department may raise questions. Always ensure your spending aligns with your reported earnings.

Presumptive taxation is a smart way to reduce tax stress and save money. But it's important to use it wisely and stay within the rules. Shreya Kapoor recommends consulting a tax expert before filing to make sure you're eligible and compliant.

Who is Shreya Kapoor?

Shreya Kapoor is a well-known finance influencer and personal finance educator. She simplifies complex financial topics such as savings, taxes, investments, and budgeting, making them easy to understand for everyday people. Her advice focuses on practical money management for households, young professionals, and small businesses.

What kind of financial advice does Shreya Kapoor give?

Shreya Kapoor provides guidance on a wide range of topics, including how to save smarter, invest wisely, manage loans, and plan for major life goals. She also explains the impact of government policies and market changes on common people, helping them make better financial decisions.

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Further reading: Shreya Kapoor, Shreya Kapoor Instagram, Shreya Kapoor Latest updates, Shreya Kapoor finance expert, Shreya Kapoor gold investment, Whosthat360, social media, news and media

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