Question
Which of the following is true regarding Micro, Small
and Medium Enterprises? 1. a micro enterprise, where the investment in plant and machinery or equipment does not exceed one crore rupees and turnover does not exceed five crore rupees 2. a small enterprise, where the investment in plant and machinery or equipment does not exceed ten crore rupees and turnover does not exceed fifty crore rupees 3. a medium enterprise, where the investment in plant and machinery or equipment does not exceed fifty crore rupees and turnover does not exceed two hundred and fifty crore rupees 4. The calculation of investment in plant and machinery or equipment will be linked to the Income Tax Return (ITR) of the previous years filed under the Income Tax Act, 1961 5. The purchase (invoice) value of a plant and machinery or equipment, whether purchased first hand or second hand, shall be taken into account excluding Goods and Services Tax (GST), on self-disclosure basis, if the enterprise is a new one without any ITR.Solution
As per RBI guidelines, there is a new criteria for classifying the enterprises as Micro, Small and Medium enterprises. The new criteria came into effect from July 1, 2020. An enterprise shall be classified as a Micro, Small or Medium enterprise on the basis of the following criteria, namely: · a micro-enterprise, where the investment in plant and machinery or equipment does not exceed one crore rupees and turnover does not exceed five crore rupees; · a small enterprise, where the investment in plant and machinery or equipment does not exceed ten crore rupees and turnover does not exceed fifty crore rupees; and · a medium enterprise, where the investment in plant and machinery or equipment does not exceed fifty crore rupees and turnover does not exceed two hundred and fifty crore rupees Other statements are also correct
The country’s retail inflation had crept above the RBI’s tolerance range in January 2022. It remained above the target range for ten months before r...
What is the maximum default amount eligible under Pre-Packaged Resolution process?
Calculate the current Ratio from the above data:
What is the group borrower exposure limit for an NBFC-IFC in the middle layer as per the scale-based regulations (SBR) for NBFCs?
________ examines and evaluates a firm's or individual's financial records to derive evidence used in a court of law or legal proceeding.
Face value of each debt security or non-convertible redeemable preference share issued on private placement is reduced to ……………… by SEBI rec...
Based on level of activity or capacity utilization, there is a type of budget which is prepared keeping in mind one level of output. It is a budget whic...
Calculate the net profit margin based on above information?
According to the stipulations for reporting fraud, when is the Statutory Auditor required to forward a report to the Secretary, Ministry of Corporate Af...
With respect to the tax benefit for the Startups, consider the following statement:
I. Extension of the date of incorporation by one year for i...
