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That might seem like a huge difference, but practically, most people deduct 1.5L for presumptive tax (which barely saves ~25k). If you are smart about it, that 13 lakh number can drop quite a bit. If you are earning that much, you will have a CA who will help you as well.
I have read a lot about Income tax savings of legal associates under Section 44ADA. However, 50 LPA is the upper limit on presumptive taxation under that section. What happens when one starts earning more than that? Do Senior/Principal associates who earn more than 50LPA pay taxes like any other 'employee' of a company does? Would that not mean that the in-hand salary of a fresh PA is lesser than a SA (who has still not reached 50 LPA limit)?
Is there any method that one can lawfully save taxes even if he/she is earning north of 50 LPA?