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