Budget 2023: Now micro enterprises with up to Rs 3 cr turnover can opt for presumptive taxation
Income Tax
- Feb 02, 2023
- Ease of doing business for MSMEs: Among tax benefits for MSMEs announced in the budget, finance minister Nirmala Sitharaman on Wednesday enhanced the turnover limits to be eligible for presumptive taxation. Now micro enterprises with a turnover up to Rs 3 crore from earlier Rs 2 crore and certain professionals with a turnover up to Rs 75 lakh from earlier Rs 50 lakh will be eligible to be taxed presumptively provided their cash receipts are not more than 5 per cent of total receipts.
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