Get a hike in presumptive tax limits now

Finance minister Nirmala Sitharaman has increased the threshold limits for availing presumptive taxation, a move that will benefit numerous small businesses and professionals.

“Micro enterprises with turnover of up to ₹2 crore and certain professionals with turnover of up to ₹50 lakh can avail the benefit of presumptive taxation. I propose to provide enhanced limits of ₹3 crore and ₹75 lakh, respectively, to the tax payers whose cash receipts are no more than 5%," the finance minister said in her budget speech.

Source: Live Mint

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