33 lakh MSMEs to gain from presumptive tax changes: Union Minister
New Delhi, Mar 1: About 33 lakh assessees in the MSME category will benefit from changes in the Presumptive taxation scheme proposed in Budget 2016-17, Union Minister Kalraj Mishra said today.
"33 lakh people will benefit from the changes announced in the Presumptive taxation scheme," Mishra told PTI. At present, the scheme under the Income Tax Act is available for small and medium enterprises i.e. non corporate businesses with turnover or gross receipts not exceeding Rs 1 crore.
Unveiling the Budget in Parliament yesterday, Finance Minister Arun Jaitley proposed to increase the turnover limit under this scheme to Rs 2 crore with a view to giving relief to assessees in the MSME category.