The government today lowered the corporate tax for new manufacturing units at 25 per cent with a view to promote industrial activity and generate jobs. With regard to small units having a turnover of Rs 5 crore, the corporate tax rate has been reduced from 30 per cent to 29 per cent, Finance Minister Arun […]

Read More →

While making no change in personal Income Tax slabs in the Union Budget 2016-17, Finance Minister Arun Jaitley announced the much awaited additional deduction for interests on home loans, as the costs of housing units have increased much over the recent years.  By introducing an additional deduction of Rs 50,000 in the Budget 2016 proposal, […]

Read More →

– The limit of turnover under the presumptive taxation scheme revised from Rs 1 crore to Rs 2 crore for medium or small enterprises. So, anyone with a business of Rs 2 crore can presume that an income of 8% and would not require to maintain books, profit & loss statements or audits.Limit under section […]

Read More →

For individual tax payers the budget 2016 has proposed three major tax changes:   – Increase in surcharge from 12% to 15% on income tax payable by individuals with total income over Rs 1 crore. – Tax rebate for those with income up to Rs 5 lakh has been hiked by Rs 3000; and extended […]

Read More →

Who Can Get the Subsidy for Start Ups I.   Any individual or group of individuals having innovative idea or Concept will be eligible. II. Universities or education institutions, Incubation Centre/PSUs/R&D Institutions/Private and other establishments will be eligible as an institution to support and mentor to innovators as approved by Committee. Which Activities Are Eligible for Subsidy to Start Ups […]

Read More →