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.
Which Indian institution plays a leading role in overseeing the Sovereign Gold Bond (SGB) Scheme?
Which of the following Steps was not taken by the Indian Government during the Liberalisation process?
In the IFSCA Circular on Global Access (June 2024), what is the annual fee that broker dealers must pay to access global markets through their own arran...
According to the IFSCA Circular on Debt Securities Listing (September 2024), under which sections of the International Financial Services Centres Author...
The banking system, which had accumulated bad debts during the period of economic resurgence after the 1991 reforms, was supported through the deregula...
Significant initiatives have been introduced under Aatmanirbhar Bharat and Make in India programmes to enhance India’s manufacturing capabilities and ...
As per the IFSCA Circular on Remittances to IFSCs under the Liberalised Remittance Scheme (LRS) (July 2024), which of the following is a permissible pur...
With respect to Revenue Budget, Consider the following statement:
I.               Tax revenues
II.           �...
What can be the maximum corpus of Venture Capital Schemes provided by Fund Management Entities in IFSC?
Which insurance company has launched a pay as you drive policy which offers a comprehensive motor insurance policy that charges a premium based on the u...
