TAX DESTINATION

Hello Everyone, Budget was announced yesterday. However, to understand the new rates and changes, we must have information about existing rates and limits. So in this article we will see what was existing law and what changes have come. Let's get started.  Presumptive Taxation   Micro enterprises with turnover up to 2 crore and certain professionals with turnover of up to 50 lakh can avail the benefit of presumptive taxation as per the current law. In the budget 2023, it is proposed to provide enhanced limits of 3 crore and 75 lakh respectively, to the tax payers whose cash receipts are no more than 5 per cent. Cooperation   New co-operatives that commence manufacturing activities till 31.3.2024 shall get the benefit of a lower tax rate of 15 per cent, as is presently available to new manufacturing companies. Start-Ups Extension of date of incorporation for eligible start up for exemption. Certain start-ups are eligible for some tax benefit if they are incorporated befo

Hello Everyone, Budget was announced yesterday. However, to understand the new rates and changes, we must have information about existing rates and limits. So in this article we will see what was existing law and what changes have come. Let's get started.  Presumptive Taxation   Micro enterprises with turnover up to 2 crore and certain professionals with turnover of up to 50 lakh can avail the benefit of presumptive taxation as per the current law. In the budget 2023, it is proposed to provide enhanced limits of 3 crore and 75 lakh respectively, to the tax payers whose cash receipts are no more than 5 per cent. Cooperation   New co-operatives that commence manufacturing activities till 31.3.2024 shall get the benefit of a lower tax rate of 15 per cent, as is presently available to new manufacturing companies. Start-Ups Extension of date of incorporation for eligible start up for exemption. Certain start-ups are eligible for some tax benefit if they are incorporated befo

Hello Everyone, The most awaited budget has been announced by Smt. Finance Minister Nirmala Sitaraman and we are here to give you a quick update on the same. On an overall basis, Unionbudget2023 is an attention-seeking budget. To list out there are many proposals on many things but the impact of all those things are same. The main example for this is, they have reduced Income tax rates, Rebates, and surcharges where you won't be having any deductions & exemptions that will yield the same impact as of the old regime. But it will create impact to government & seek attention from the public that Government has reduced tax rates. There are seven Priorities in Budget 2023 as below. Inclusive development Reaching the last mile Infra & investment Unleashing the potential Green growth Youth power Financial sector Capital investment outlay increased by 33% Capital investment outlay being increased by 33% to Rs 10 lakh crores, which would be 3.3% of GDP. 50-year interest-free l

Hello Everyone, The most awaited budget has been announced by Smt. Finance Minister Nirmala Sitaraman and we are here to give you a quick update on the same. On an overall basis, Unionbudget2023 is an attention-seeking budget. To list out there are many proposals on many things but the impact of all those things are same. The main example for this is, they have reduced Income tax rates, Rebates, and surcharges where you won't be having any deductions & exemptions that will yield the same impact as of the old regime. But it will create impact to government & seek attention from the public that Government has reduced tax rates. There are seven Priorities in Budget 2023 as below. Inclusive development Reaching the last mile Infra & investment Unleashing the potential Green growth Youth power Financial sector Capital investment outlay increased by 33% Capital investment outlay being increased by 33% to Rs 10 lakh crores, which would be 3.3% of GDP. 50-year interest-free l