Wanted to understand how a citizen of India can find way to not pay or file income tax in a simple manner
Common practice i see in India
Receive payment below 5 lakh per annum on family members account
Receiving payment in cash only
Received payment in bitcoin
So what other practice can be done in legal way so a normal citizens do not have to pay income tax if he is freelance or a small business man or a street vendors.
Hiding income via cash or family accounts is illegal tax evasion. Instead, freelancers and small businesses can legally reduce or eliminate their tax liability using the Presumptive Taxation Scheme (Sections 44AD/44ADA) to declare a lower net profit, and combine this with the Section 87A rebate, which results in zero tax if net taxable income stays under ₹7 Lakhs in the New Tax Regime.
Bharat Shah & Associates
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CAclubindia
