Micro enterprises with turnover up to Rs. 2 crore and certain professionals with turnover of up to Rs. 50 lakh can avail the benefit of presumptive taxation.
Cooperation
Cooperation is a value to be cherished. In realizing our Prime Minister’s goal of “Sahkar se Samriddhi”, and his resolve to “connect the spirit of cooperation with the spirit of Amrit Kaal”, in addition to the measures proposed
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.
Provide an opportunity to sugar co-operatives to claim payments made to sugarcane farmers for the period prior to assessment year 2016-17 as expenditure.
A higher limit of Rs. 2 lakh per member for cash deposits to and loans in cash by Primary Agricultural Co-operative Societies (PACS) and Primary Co-operative Agriculture and Rural Development Banks (PCARDBs).
Start-Ups
Entrepreneurship is vital for a country’s economic development.
India is now the third largest ecosystem for start-ups globally, and ranks second in innovation quality among middle-income countries.
Extention the date of incorporation for income tax benefits to start-ups from 31.03.23 to 31.3.24. To provide the benefit of carry forward of losses on change of shareholding of start-ups from seven years of incorporation to ten years.
