How the Upcoming Budget Will Impact the Income Tax Payers!
Audit limit for small businesses to be raised
The recommendations of the committee if taken would bring some good news for small businesses and sole partnerships. The recommendations has suggested the turnover threshold for mandatory audit of the books to be raised from Rs 1 crore to Rs 2 crore for businesses and Rs 25 lakh to Rs 1 crore for professionals.
Presumptive scheme for professionals
A launch of presumptive scheme for professionals has been proposed by the committee. This scheme will see 33.3 percent of their previous year’s receipts taken as income on which they will have to pay tax. The committee has also recommended that a de-minimus provision should be made for exempting small taxpayers, who are not declaring income as per the presumptive income scheme and find it difficult to maintain accounts.
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