Income tax on msme profits

1. What are the income tax rules on msme profits , is there any special arrangement or all profit will be considered as a income of owner?

2. A 50 lakh loan taken by a msme for plant machinery and working capital, and was repaid to bank in 4 years, what will happen principal amount  witch was repaid will be considered as income of owner? And what happens to those assets plant and machinery  are they considered as income ? After four years.

Replies (1)
Dear Sir, There are no specific provisions in income tax for msme. The same way of computation and same way of tax rate to be applied. Loan is not at all income. No assets will be considered as income. However, you can claim depreciation on assets. For more details, kindly drop email at psandac @ gmail.com

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