 "MSMEs to gain from presumptive tax changes: Kalraj Mishra")
About 3.3 million assessees in the medium, small and micro enterprises (MSMEs) category will benefit from changes in the presumptive taxation scheme proposed in Budget 2016-17, Union Minister Kalraj Mishra said today.
"About 3.3 million people will benefit from the changes announced in the presumptive taxation scheme," Mishra told PTI.
At present, the scheme under the Income Tax Act is available for small and medium enterprises — non corporate businesses with turnover or gross receipts not exceeding Rs 1 crore.
Unveiling the Budget in Parliament on Monday, Finance Minister Arun Jaitley proposed to increase the turnover limit under this scheme to Rs 2 crore with a view to giving relief to assessees in the MSME category.
"About 3.3 million people will benefit from the changes announced in the presumptive taxation scheme," Mishra told PTI.
At present, the scheme under the Income Tax Act is available for small and medium enterprises — non corporate businesses with turnover or gross receipts not exceeding Rs 1 crore.
Unveiling the Budget in Parliament on Monday, Finance Minister Arun Jaitley proposed to increase the turnover limit under this scheme to Rs 2 crore with a view to giving relief to assessees in the MSME category.