Section 80 and MSME's

All tax terms(mentioned before) are specified under section 80 as specified by IT (Income Tax) norms like
In order to encourage savings, the government gives tax breaks on certain financial products under Section 80C of the Income Tax Act. Investments made under such schemes are referred to as 80C investments. Under this section, you can invest a maximum of Rs l lakhs (which will now be extended to 2 lakhs in next slab)and if you are in the highest tax bracket of 30%, you save a tax of Rs 30,000. The various investment options under this section include:

Provident Fund & Voluntary Provident Fund


Public Provident Fund
Equity-Linked Savings Scheme
Life Insurance Premiums
Five-Year Bank fixed deposits
And rest I have already explained previously in this blog itself about the various tax saving bonds and schemes


So,We all have studied the concept of small and big scale industries in earlier classes but in India we have lesser number of large scale industries.
Country like India is 60%business coming from small scale industries covering almost each and every part of the country along with that they contribute 40% of the national growth,giving employment to 525 million people and they are further divided into
One other important term comprising economy is
MSME's
i.e. Micro, Small and Medium Enterprise
An enterprise is engaged in manufacturing, producing, processing or persevering of goods or services.
A.)A micro enterprise is the one where investment in plant and machinery (kind of small scale industry and investment does not exceeds 25 lakhs)
B.)A small enterprise includes investment in plant and machinery is between 25 lakhs to 5 crores
C.)A medium enterprise is the one where investment in plant and machinery (original cost excluding land and building and the items)is between 5 crores to 10 crores.
India has total 27 million MSME's