Small and Medium Enterprises Clause 59A of Section 2

Small and Medium Enterprises Clause 59A of Section 2: Finance Bill, 2021 proposed the definition of “Small and Medium Enterprises” which defines the “Small and Medium Enterprise” a person who is engaged in manufacturing as defined in clause (iv) of subsection (7) of section 153 of the Ordinance and his business turnover in a tax year does not exceeds two hundred and fifty million rupees:

Provided that if annual business turnover of a Small and Medium Enterprise exceeds two hundred and fifty million rupees, it shall not qualify as Small and Medium Enterprise in the tax year in which annual turnover exceeds that turnover or any subsequent tax year.

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