Ritul Patwa & Co, Chartered Accountants, Jaipur, India

CASE ALERT:-

Represented Directorate of Petroleum, Govt of Rajasthan in a Landmark and High Profile Tax Litigation related to "Service Tax on Mining Lease", and SUCCESSFUL in seeking an aggregate relief of about *Rs. 6315 Crores* for the Client.

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CA Ritul Patwa sharing his views on Budget, 2025 on Live TV.

One of the most Celebrated Budget of India granting exemption of 12 Lakhs to Individuals for the FY 2025-26.

Budget 2025 LIVE: देखें बजट A to Z, एक्सपर्ट्स ने दिए इतने नबंर! | Nirmala Sitharaman | Income Tax Budget 2025 LIVE: देखें बजट A to Z, एक्सपर्ट्स ने दिए इतने नबंर! | Nirmala Sitharaman Budget Announcements | Budget 2025 | Budget farmers | Union Budget 2025...

Accountants with 3 years + Experience is required for CA Firm. Salary no bar for deserving candidate.

My assessment of Union Budget 2023 is that it is highly progressive and the government has clearly defined a transition from a Savings Economy to a Market based Economy. There is emphasis on Go-Local, infrastructure and building new generation businesses and skills in India.

Overall Direction of Budget
Financial discipline – fiscal deficit at 5.9% of gdp
Migration from savings to market economy
Consistency in tax policy
Benefit for all classes including super rich, middle class and low income group
Ease of doing business for MSMEs and solving their problems

*Major Benefits for MSMEs in Budget 2023*

1. Ease in Recovery of Dues
Any payment due to an MSME beyond 45 days (prescribed time limit under Section 15 of MSMED Act, 2006) as at the year end, shall be allowed as an Expenditure (deduction) in the Books in the year of Payment.

2. Increase in Presumptive Tax Slab
For small businesses -Section 44 AD (Not applicable on LLPs, professions referred u/s 44AA(1), commission/ brokerage income & agency business)
Turnover up to Rs 200 Lakhs [Rs 300 Lakhs - if the Cash Receipt is up to 5% of Gross Receipts]
Deemed Profit –
6% of Gross Receipts received by an account payee cheque or account payee bank draft or use of electronic clearing system through a bank account or such other electronic mode as may be prescribed during the previous year or before the due date specified in sub-section (1) of section 139 in respect of that previous year.

8% of Gross Receipts other than those covered in paragraph above.

3. Composition Scheme for Seller of Goods in Ecommerce
Section 10 – Seller of “Goods” (not Services) on Ecommerce Portal are now allowed to opt for Composition Scheme under GST.

4. GST ITC to Be Paid in Cash On Non-payment to Supplier
Section 16 – Second Provision
It has been provided that where the Recipient of Goods/Services has taken an ITC Credit and the payment for the same is not made to the supplier within 180 days, the assessee has to make the payment of such ITC along with interest to the Government.

Union Budget 2023: Impact of Budget on SMEs & Business Owners | 2 February 2023 Union Budget 2023, is of particular interest as it is the last before the 2024 general elections. How will the budget impact your business? To understand the...

WHO IS BENEFITTED BY BUDGET 2023?

A candid discussion by CA Ritul Patwa on the Union Budget 2023 with RJ Suri on FM Radio City 91.9

Who is Benefitted by Budget 2023 A candid discussion on the Union Budget, 2023 with RJ Suri on Radio City 91.9 FM. How the budget has impacted various Sectors and Individuals and the Overvie...

Union Budget 2023: Impact of Budget on SMEs & Business Owners Date: 2 Feb 2023
Time: 4:00 – 5:00 PM
Register link:

Union Budget 2023: Impact of Budget on SMEs & Business Owners | GlobalLinker Register for this online webinar on 02 Feb today