Budget: Govt to enhance presumptive taxation limit for MSMEs, professionals ...Middle East

Business Standard - Economy
source : Business Standard ( Middle East ) () 19
The government on Wednesday proposed to enhance the limit for presumptive taxation for MSMEs and certain professionals provided their cash receipts are less than 5 per cent of the total turnover or gross receipts. The move is aimed at promoting non-cash transactions, as per the Budget document. The existing provisions of the Income Tax Act provide for a presumptive income scheme for small businesses and certain professionals. Micro enterprises with a turnover of up to Rs 2 crore and certain professionals with a turnover of up to Rs 50 lakh can avail of the benefit of presumptive taxation. In her Budget Speech in the Lok Sabha, Finance Minister Nirmala Sitharaman said MSMEs are growth engines

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