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The Twelfth Plan has listed the following as the objectives for the MSME sector Promoting competitiveness and productivity in the MSME space. Making the MSME sector innovative, improving technology and depth. Enabling environment for promotion and development of MSMEs. Strong presence in exports. Improved managerial processes in MSMEs. Evolution and Performance of the MSME Sector […]
WHAT IS THE IMPORTANCE AND ROLE OF MSME IN THE INDIAN ECONOMY? To generate large scale employment In India, capital is scarce and labour copious. MSMEs are thought to have lower capital-output and capital-labour ratios than large-scale industries, and therefore, better serve growth and employment . The MSME sector in India has grown radically since […]
Standard Deduction The Finance Minister Jaitley introduced Standard Deduction of Rs. 40,000 in Budget 2018, giving the salaried class something to rejoice about. It replaced the transport allowance Rs. 19200 and medical reimbursement of Rs. 15,000 per anuum interestingly, the provision of Standard Deduction was earlier available. However, it was abolished in the Finance Act […]
Surcharge: If the income exceeds Rs.1 crore, a surcharge at the rate of 12% is applicable on the income tax paid for the popular category of taxpayers, subject to marginal relief. Let’s look at the quantum of surcharge percentage applicable for various categories of taxpayers in India. This surcharge will be billed after computation of […]
What is Income Tax? Income tax is a percentage of an individual person’s or Business’ income that is paid to the government to run the nation smoothly, fund infrastructural development, pay salaries of those employed by the state or central governments, etc All such taxes are levied based on the passing of a law. Income […]
Meaning of Belated Return As per section 139(1), it is compulsory for every assesses to file a return of income or loss for every previous year on or before the due date in the prescribed form in the following situations: Your gross total income (before allowing any deductions under section 80C to 80u) exceeds the income tax […]
ISSUES AND CHALLENGES IN MSME Despite the pivotal role and strategic importance in the context of industrial development and economic growth of the country, the MSME sector experiences several constraints and challenges. Several key issues remain to be addressed properly and measures yet to be taken in the interest of sustainable industrial development. The Committee […]
Potentialities for Growth : Opportunities Micro, Small and Medium Enterprises have substantially contributed to the economic development of our country. The MSME sector in India occupies the second position next alone to agriculture in terms of employment generation. This sector accounts for about 95% of the industrial units, 45% of manufacturing output, 40% of exports […]
WHAT’S MICRO SAMLL & MEDIUM ENTERPRISES? Micro, Small and Medium Enterprises constitute the backbone of an economy in maintaining an appreciable growth rate and in generating employment opportunities. This sector has been regarded as engine of economic growth and social development in many developed and developing countries. Contribution of MSME to the Indian economy in […]
BENEFITS OF SSI Payments for SSI are made on the first day of the month unless that day is on a Weekend or legal holiday, in which case the payment is made on the first day prior that is not a weekend or legal holiday. The minimum benefit is one dollar. The SSI program (or […]