Tax

Earlier MSMEs with annual turnover up to Rs.2 crore and Professionals with income up to Rs.50 lakh were allowed to go for presumptive taxation if their total cash receipts were not more than 5% of the total receipts

February 01, 2023 | 03:02am

Presumptive taxation eligibility limits enhanced for professionals and MSMEs

The presumptive taxation limits for MSME and Professionals have raised to Rs.3 crore and Rs.75 lakh respectively. Earlier MSMEs with annual turnover up to Rs.2 crore and Professionals with income up to Rs.50 lakh were allowed to go for presumptive taxation if their total cash receipts were not more than 5% of the total receipts.
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This story originally appeared on: India Times - Author:Faqs of Insurances
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