Hi All,
I recently started a consulting business registered as an LLP. As LLPs are ineligible for presumptive tax and that I dont have plans to change from an LLP structure, what are various ways I can become more tax efficient (from 30% as of now). I would like to share some insights about the business;
1. Income visibility upto INR60 lakh per annum
2. No major expense heads apart from -
a. 2 cars owned by partners and brought into use for business activity. So planning to regularly book expense around driver salary, fuel expenses, repairs and maintenance, rentals for usage,
b. Subscripttion to softwares platforms (Office360/zoom/windows etc), publications, books
c. Phone, electricity, rent, water, travel etc
d. travel expenses
Given above likely expense heads and income visibility, can the forum suggest me ways to reduce overall tax outgo? I am aware of partner salary and interest on capital contribution. However, I look forward to hear forum's thought on these.
Thanks
Jose
CAclubindia
