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TMI BlogSteps to give relief to the small tax payers and to the small business and professionalsX X X X Extracts X X X X X X X X Extracts X X X X ..... Steps to give relief to the small tax payers and to the small business and professionals - News and Press Release Dated:- 9-5-2016 - News - The Revenue Department of the Ministry of Finance takes s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... so as to promote 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 ta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ken 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 en ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hanced from ₹ 1 lakh per 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... businesses has been extended by increasing the turnover up to ₹ 2 crores . The presumptive taxation benefit is now available for professionals having turnover upto ₹ 50,00,000 /-. - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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