Finance ministry looks to widen tax base in FY21 budget
- Eligible assessees with sales up to ₹2 crore can compute their taxable income at 8% of their gross sales
- They can do it at 6% if amounts are received through account payee cheque, draft or electronic means
New Delhi: The finance ministry is examining ways to widen the tax base in the FY21 Union Budget by plugging loopholes in the law, especially in areas of tax exemptions and concessional tax schemes.
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