5 Tips to Save Income Tax for Small Business Owners

1. Utilize Section 80C

The most common but often underutilized section. Ensure you max out the 1.5 Lakh limit.

2. Presumptive Taxation (44AD)

If your turnover is under 2 Crores (increased to 3Cr for digital receipts), you can declare 6% or 8% profit and skip maintaining detailed books.

3. Hire Family Members

If family members contribute to the business, pay them a legitimate salary to distribute income to lower tax brackets...