Tax Planning

Tax planning for Salaried person has been already discussed
Taxable Income = Salary - Exemption - Deduction
read here

Below will check tax planning for Professions and Business

Which Professions Are Eligible Under Section 44ADA?

Besides generating annual earnings of less than Rs.50 lakh, individuals who practice these specific professions are deemed eligible under this Section of ITA.

Accountants
Medical services
Legal services
Technical consultants
Engineers
Architecture
Interior Decorators
Film artists
Company secretaries
Other professions mentioned by the Central Board of Direct Taxes

Notably, this taxation regime of presumptive income under section 44ADA applies to residents who are – HUF, individuals, Limited Liability Partnership Firms, Partnerships other than LLP.

Section 44AD – Presumptive Scheme

Features of presumptive scheme –

Your turnover must be less than Rs 2 crores.

Your minimum net income should be 8% of your turnover the minimum net income should be considered 6% in case of digital receipts

You don’t have to maintain accounting records.

Assesses opting for presumptive taxation has to pay 100% advance tax by 15th March of that particular financial year with Prior to FY 2016-17 you don’t have to pay advance tax.

You don’t have to get your accounting records audited.

You can file your tax return in ITR-4 in a much shorter and simpler form than ITR-3.