Question
According to Union Budget 2023-24, consider the
following statements regarding MSMEs: 1. Medium enterprises with turnover up to Rs 2 crore and certain professionals with turnover of up to Rs50 lakh can avail the benefit of presumptive taxation. 2. It is proposed to provide enhanced limits of Rs 3 crore and Rs 75 lakh respectively, to the taxpayers whose cash receipts are no more than 5 percent. 3. It is proposed to allow deduction for expenditure incurred on payments made to them only when payment is actually made. Choose the correct option using the codes below:Solution
MSMEs are growth engines of our economy. Micro enterprises with turnover up to ` 2 crore and certain professionals with turnover of up to `50 lakh can avail the benefit of presumptive taxation. I propose to provide enhanced limits of ` 3 crore and ` 75 lakh respectively, to the taxpayers whose cash receipts are no more than 5 per cent. Moreover, to support MSMEs in timely receipt of payments, I propose to allow deduction for expenditure incurred on payments made to them only when payment is actually made.
It will cruise in the atmosphere like an aircraft and it has capable of travelling up to 1,000 km.
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