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Small units in India get tax relief

Micro, small and medium units in India are being provided an encouraging atmosphere. Their tax burden is being eased. The rate of corporate tax has been reduced to 25 per cent for companies with a turnover of up to Rs 250 crores. The threshold limit for applicability of presumptive taxation of business income has been increased from Rs 1 crore to Rs 2 crores. The threshold for maintaining books of accounts on part of individuals and the Hindu undivided family has been increased to an income of Rs 2.5 lakhs from Rs 1.2 lakhs earlier. Similarly the threshold has been increased to a total turnover of Rs 25 lakhs from Rs 10 lakhs earlier. The rebate provided under the Income-tax Act, 1961, has been increased and now any individuals or Hindu undivided family having a total taxable income up to Rs 5 lakhs do not need to pay any income-tax.

Considering the seasonal nature of the business of an assessee engaged in manufacturing of apparel, the requirement of 240 days of employment has been relaxed to 150 days. GST on job works for the entire textile segment, yarn, fabrics, garments or made-ups, has been revised from 18 per cent to five per cent.

 
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