Steps to give relief to the small tax payers and to the small business and professionals

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..... Steps to give relief to the small tax payers and to the small business and professionals
News and Press Release
Dated:- 9-5-2016

The Revenue Department of the Ministry of Finance takes s .....

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..... everal steps for boosting-up growth and employment generation: (a) Lowering the Corporate tax rates to 25% for new manufacturing companies (b) Extending tax benefits for housing sector so as to pr .....

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..... omote construction industry (c) Rate of tax on royalty and fees for technical services reduced from 25% to 10% (d) Tax incentives for Start-up India Similarly, it has taken various steps to give .....

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..... relief to the small tax payers and to the small business and professionals: The limit of deduction that can be claimed under section 80C of Income tax Act 1961 has been enhanced from ₹ 1 lakh p .....

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..... er annum to ₹ 2 lakh per annum, subject to the additional ₹ 50,000/- being contributed to NPS. Further, the scope of presumptive taxation regime for small businesses has been extended by i .....

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..... ncreasing the turnover up to ₹ 2 crores. The presumptive taxation benefit is now available for professionals having turnover upto ₹ 50,00,000/-.
News - Press release - PIB .....

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