Revenue Department takes various measures to boost-up growth and employment generation; Steps to give relief to the small tax payers and to the small business and professionals
The Revenue Department of the Ministry of Finance takes several steps for boosting-up growth and employment generation:
- Lowering the Corporate tax rates to 25% for new manufacturing companies
- Extending tax benefits for housing sector so as to promote construction industry
- Rate of tax on royalty and fees for technical services reduced from 25% to 10%
- Tax incentives for Start-up India
Similarly, it has taken various steps to give 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 fromRs. 1 lakh per annum to Rs. 2 lakh per annum, subject to the additional Rs. 50,000/- being contributed to NPS. Further, the scope of presumptive taxation regime for small businesses has been extended by increasing the turnover up to Rs. 2 crores. The presumptive taxation benefit is now available for professionals having turnover upto Rs. 50,00,000/-.
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