(A) What is the meaning of Micro arid Small Enterprise u/s 43B of Income Tax Act, 1961? (B) Mr. Prem has following assets as on 01.04.2023 : (i) A…

(A) For Manufacturing Enterprises and Enterprises rendering Services Micro Enterprise - Investment in Plant and Machinery or Equipment ≤ 1crore and Annual Turnover ≤ 5crores. Small Enterprise - Investment in Plant and Machinery or Equipment ≤ 10crores and Annual Turnover ≤ 50crores. (B) Computation of Depreciation to Mr. Prem for P.Y. 2023-24 Particulars Amount (₹) Depreciation on machinery used for scientific research @15% on 3,60,000 [₹ 4,00,000, being actual cost -40,000, being deduction allowed u/s 35] 54,000 Depreciation on laptop received as a gift @40% on 36,000 [₹ 60,000, being actual cost to previous owner -24,000, being depreciation for P.Y. 2022-23 allowable to assessee if it was the only asset] 14,400 Depreciation on temporary wooden structure @40% x 50% on 70,000 [Since it is put to use for less than 180 days] 14,000 82,400