Thursday 2 February 2023

Important Budget Proposals related to MSME

Payment Based Deduction: Any payment made to MSME shall be allowed as expenditure only when payment is actually made. This move brings ‘payments to MSME’ under the purview of Section 43B.

At present, 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. Now the  limits are enhanced to ₹3 crore and ₹ 75 lakh respectively.

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