Zen life with zero personal income tax as a business owner
I don't take much salary in my personal account (20-25k max, sometimes less). Just got a refund of 3k lol.
Moved back to hometown with parents (3 yrs ago), travel/vacation every few months. Completely WFH , no office space, no employees, all contractors/part timers working with me. 3-5 hours of active work per day.
Personal health insurance and minor expenses I do through company account. Minimal taxation in businesses as well, revenue isn't more than a crore combined. Zero personal debt, zero debt on companies. Few personal assets and investments (less than 20L).
It's the most peaceful life I've ever had tbh. More income brings more headache, taxation and expenses. Finding a sweet spot where headache, paperwork , risk and tax is minimal is not easy, but worth it. Everyone can figure out their own trade offs.
It is the best time to be a small business owner in India with all kinds of opportunities cropping up in various segments. Especially if you're exporting products/services.
Have a few more friends doing the same. We're the only ones who have free time to catch up with each other while salaried people seem to be mostly busy/tired. I really want more people to explore opportunities around themselves, and maybe not burn out while trying to maximize their earnings at the cost of other things.
Hope this helps :)
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Whats the profit your business makes?
Less than 10L combined (after paying for expenses).
Monthly?
Finally, I found someone who deeply understands how to maintain balance between earning money and living life to its fullest.
Appreciate it, wasn't easy though. I was a regular job guy who didn't want to startup. But the grind was excruciating for me and i realised what a privilege it is to have a business you can run yourself.
Failed at starting up multiple times before anything started to work and i started developing a knack for business. Other business owners helped a lot with support and guidance, couldn't have done it without them.
Good stuff buddy...I am also planning to go similar route by the end of this year
Don't agree. 10L you said annually is just on paper right? Otherwise no meaning of running business. That's not Zen or anything. Don't take it otherwise but there are many ways not to pay taxes in business. You can draw salary or profit in your current account means no tax. Show business expenses etc. You will find many other ideas from YouTube and blogs.
Not sure what you mean exactly, are you saying 10L profit after taxes annually is less?
I already am drawing salary in current account and paying through it to claim as business expense. I just meant to say I don't spend much anyways even though I do that, apart from usual expenses of house/biz.
Goals 🥺 people underestimate peace.