[amp_mcq option1=”Rs.75 lacs” option2=”Rs.1 crore” option3=”Rs.1.5 crore” option4=”None of the above” correct=”option1″]<\/p>\n
The correct answer is: A. Rs.75 lacs<\/strong><\/p>\n The composition scheme is a simplified tax regime for small businesses. Under this scheme, businesses can pay a fixed tax rate on their turnover, instead of having to calculate and pay tax on their profits. The threshold limit of turnover in the preceding financial year for opting to pay tax under composition scheme is Rs.75 lacs.<\/p>\n The composition scheme is available to businesses that are engaged in the following activities:<\/p>\n Businesses that are eligible for the composition scheme must file an annual return with the Income Tax Department. The annual return must be filed on or before the 31st of March of the following financial year.<\/p>\n The composition scheme is a beneficial option for small businesses as it allows them to save time and money on compliance. However, businesses should carefully consider whether the composition scheme is right for them, as there are some restrictions on the activities that businesses can undertake under the scheme.<\/p>\n Here is a brief explanation of each option:<\/p>\n [amp_mcq option1=”Rs.75 lacs” option2=”Rs.1 crore” option3=”Rs.1.5 crore” option4=”None of the above” correct=”option1″]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[969],"tags":[],"class_list":["post-49880","post","type-post","status-publish","format-standard","hentry","category-gst","no-featured-image-padding"],"yoast_head":"\n\n
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