Taxvala

MSME (Micro, Small and Medium Enterprise), loans are mostly offered to start-ups and small business owners. The MSME loan’s repayment tenure varies from lender to lender and the interest rates offered are majorly based on the loan amount, applicant’s profile and business history. MSME loans are unsecured loans   that are offered by banks and NBFCs only if the applicant meets the certain eligibility criteria. MSME loans are defined by Indian Government and RBI, as the loans for business enterprises need support in terms of finance, infrastructure and other areas. New MSME Definition The distinction between the manufacturing and services enterprises has been removed by making the investment amount and annual turnover similar for enterprises engaged in both the sectors. MSME – Merged Criteria: Investment and Annual Turnover Sector/Enterprise Type Micro Enterprise Small Enterprise Medium Enterprise Manufacturing & Services Sector, Both Investment less tha...

Tax Planning for FY 2020-21 (AY 2021-22) Tax planning is an activity which is carried out by a taxpayer in order to reduce the liable tax. This can be done by the optimum use of the available allowances, deductions, rebates, concessions, etc. that are available under the Tax laws. Precisely, tax planning is an art by which you are managing your income and taxes in such a way that you pay the minimum amount of tax on your total income. Objectives of tax planning Let us know about the major objectives of tax planning. Reduction in tax liability  It can be feasible for a taxpayer to save a huge amount of tax if he can properly arrange his operations that are related to taxation. Minimal litigation  There is always a clash going on between the taxpayers and the tax collectors. The taxpayers will always try to minimize the tax liability whereas the tax collectors will want o collect maximum amount of taxes. So, by proper tax planning, you are carrying on all opera...