Revised Classification applicable w.e.f 1st July 2020
Composite Criteria: Investment in Plant & Machinery/equipment and Annual Turnover
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Classification
Manufacturing Enterprises and Enterprises rendering Services
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Micro
Investment in Plant and Machinery or Equipment:
Not more than Rs.1 crore and Annual Turnover ; not more than Rs. 5 crore
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Small
Investment in Plant and Machinery or Equipment:
Not more than Rs.10 crore and Annual Turnover ; not more than Rs. 50 crore
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Medium
Investment in Plant and Machinery or Equipment:
Not more than Rs.50 crore and Annual Turnover ; not more than Rs. 250 crore
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The Ministry of Micro, Small and Medium Enterprises, a branch of the Government of India, is the apex executive body for the formulation and administration of rules, regulations and laws relating to micro, small and medium enterprises in India. The Minister of Micro, Small and Medium Enterprises is Nitin Gadkari and the Minister of State is Pratap Chandra Sarangi since 31 May 2019.
The statistics provided by the annual reports of Ministry of Small and Medium Enterprises (MSME) shows a rise in the plan amount spent on the khadi sector from ₹1942.7 million to ₹14540 million, and non-plan amounts from ₹437 million to ₹2291 million, in the period from 1994–95 to 2014–2015. The interest subsidies to khadi institutions increased from ₹96.3 million to ₹314.5 million in this period.
For registration Visit:Â https://udyamregistration.gov.in/UdyamRegistration.aspxÂ
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Our Services
OUR SUSCRIPTION
Package 1
(Salary/ Pension, House Property & Other Income)
- Consultation on submitting Tax declarations to employers.
- Investment guidance to avail maximum tax benefits.
- Guidance on any further deductions and exemptions available based on specific facts.
- Assistance in preparation of computation and filing of return of Income (ITR) – one time only.
- Responding to any intimations/notices seeking clarifications received from tax authorities in relation to the ITR filed. However, the same does not include any assistance in scrutiny assessments, reassessments, etc.
Package 2
(Capital Gains) – To be combined with either of other packages
- Consultation on tax implications and exemptions/deductions, if any available on proposed capital gains transaction.
- Review all relevant documents and provide details on the applicability of minimum stamp duty values etc.
- Assistance in computation of capital gains and advance tax payable.
- Assistance in drafting specific application forms to avail deductions i.e. Capital Gains Account Scheme, REC/NHAI Bonds, etc.
Package 3
(Professional Income, House Property & Other Income)
- Consultation on the drafting of professional services agreement with clients, if any.
- Advising on tax implications basis facts and suggesting best practices for maintaining supporting documents.
- Investment guidance to avail maximum tax benefits.
- Guidance on any further deductions and exemptions available basis specific facts.
- Assistance in preparation of computation and filing of return of Income (ITR) – one time only.
- Responding to any intimations / notices received from tax authorities in relation to aforementioned ITR filed.
Package 4
(Business Income, House Property & Other Income) – Including Partnership firms and LLPs
- Advising on tax implications basis facts and suggesting best practices for maintaining supporting documents.
- Assistance in data collation and coordination for ensuring timely completion of tax audit, if applicable.
- Investment guidance to avail maximum tax benefits and computation of Partners’ income tax computation.
- Guidance on any further deductions and exemptions available basis specific facts
- Assistance in preparation of computation and filing of return of Income (ITR) – one time only.
- Responding to any intimations/notices received from tax authorities in relation to the aforementioned ITR filed.