+919 266 466 566      18 D, First Floor, Office No. 2, Timber Market, Azadpur, Delhi-110033  care@legalspirit.in

WHAT IS THE IMPORTANCE AND ROLE OF MSMES IN THE INDIAN ECONOMY?

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 […]

Loading

STANDARD DEDUCTION IN INCOME TAX

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 […]

Loading

SURCHARGE ON INCOME TAX (WITH EXAMPLES)

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 […]

Loading

What is Income Tax?

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 […]

Loading

Belated Income Tax Return

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 […]

Loading

ISSUES & CHALLENGES IN MSME

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 […]

Loading

POTENTIALITIES FOR GROWTH OPPORTUNITIES IN (MSME)

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 […]

Loading

WHAT IS MSME(MICRO SMALL & MEDIUM ENTERPRISES)

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 […]

Loading

Scroll to top