Section 111U: Interpretation
This section is inserted by Act No 13 of 2019, section 26.
consolidated text (as at 2017, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
111U. Interpretation
In this Sub-part –
“presumptive tax” means the tax imposed under this
Sub-part;
“small enterprise” means a person –
(a) who is engaged in activities specified in the
Thirteenth Schedule;
(b) whose gross income in an income year does not
exceed 10 million rupees; and
(c) whose gross income from sources, other than
those specified in the Thirteenth Schedule, does
not exceed 400,000 rupees.
334 Acts 2019
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Questions this section answers
- What income limit qualifies a business as a "small enterprise" for presumptive tax?