Question
Considering the challenges faced by MSMEs in maintaining
consistent financial reporting standards, which of the following changes in the Income Tax Act of 1961 specifically targeted the simplification of tax compliance for MSMEs with annual turnover of less than _______ under Section ________.Solution
Section 44AD of the Income Tax Act allows MSMEs with a turnover of up to ₹2 (amended to 3 crores subject to minimum criteria of digital transactions (only 5% in cash receipts allowed) in budget 2023). crore to opt for a presumptive taxation scheme. The Budget 2023 amended Sec 44AD and Sec 44ADA and revised presumptive taxation limits for FY 2023-24 (AY 2024-25) as follows: 
 *The increase in limits is subject to a condition that 95% of the receipts must be through online modes.
WORM stands for
What term is used to describe the illegal copying of software for personal gain?
Which of the following is responsible for hiding of the data?
_________ is the time interval from the time of submission of a process to the time of the completion of the process.
What term refers to the integration of media elements like text, audio, video, and images into one format?
India’s merchandise shipments to certain Asian and African regions contracted in FY23, thus weighing on overall growth in exports.But there was growth...
India is set to launch the European Union’s Proba-3 Space Satellite in which month?
COBOL is an acronym for.............
Seeking to curb the diversion of subsidized fertilizers for non-farming purposes, has conducted a surprise inspection of _____ plants in the last six mo...
How many bits does an IP address contain?
