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.
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