– 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 […]

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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 […]

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