Understanding Section 43B(h) of Income Tax Act

Understanding Section 43B(h) of Income Tax Act | MSME 45 Days Payment Rule

Рет қаралды 30,930

4 ай бұрын

Learn about the implications of Section 43B(h) of the Income Tax Act, inserted by the Finance Act 2023, regarding payments to Micro, Small, and Medium Enterprises (MSMEs). Discover its applicability, effective date, time limits, and penalties for late payments. Gain insights into how this amendment aims to streamline payment processes, promote financial transparency, and benefit both MSMEs and larger enterprises. Stay informed to navigate tax planning and compliance efficiently.
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Tags:
Income Tax Act, Section 43B(h), MSME, Finance Act 2023, Payment Rule, Tax Planning, Compliance, Finance, Business, Small Business, Medium Business, Indian Taxation, Indian Economy, Financial Regulation, MSMED Act 2006, Tax Deductions, Indian Tax Law, Business Law, Payment Terms, Working Capital, Financial Management, Taxation Policy, Small Business Finance, Medium Business Finance, Indian Government, Financial Legislation, Corporate Tax, Entrepreneurship, Economic Development, Legal Compliance
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#TaxDeductions #IndianTaxLaw #BusinessLaw #FinancialManagement #TaxPolicy #WorkingCapital #Entrepreneurship #CorporateTax #LegalCompliance #EconomicDevelopment #IndianGovernment #FinancialLegislation #SmallBizFinance #MediumBizFinance #PaymentTerms

Пікірлер: 57

@manojmote7255 2 ай бұрын

Well presented and explained 👍

@AshutoshKumar-eu8ji 3 ай бұрын

Thanks for the information Sir

@user-wl2un4cc9d 3 ай бұрын

Thank you Sir

@vikashtiwari3421 3 ай бұрын

Thank u sir 🙏

@monikaa7890 3 ай бұрын

sr msme k provision kya cooperative society pr apply honge

@shamsundergupta3289 3 ай бұрын

Which year turnover and plant & machinery investment need to be checked for MSME? In some cases the MSME certificates are old and with latest financials (FY 2023-24), the category need to be updated, but not done in the certificate. What will be the scenario in these cases? If some assessees doesn't disallow expenses, hit by sec 43B(h), in their ITR of AY 2024-25, whether IT department can cross verify this from any statement? Are there any returns/statements to be filled under MSME Act, relating to outstanding dues? Please share your views. Thanks.

@Teluguvedios 3 ай бұрын

Hi sir one of my clients has paid advance tax with TAN so can i change it to direct tax. Please reply me sir

@vikasbansalvicky3934 3 ай бұрын

sir g March 2023 closing blance ko b income m count hoga ya uske badh jo b purchase h usko 45 days m clear kr de aur closing rkh skte h kya ji

@udaygupta9316 2 ай бұрын

Awesome

@RajeevKumar-jb4nx 3 ай бұрын

Sir, ager possible ho to audited ITR-03 filing par v ek video banayiye🙏🙏🙏🙏🙏

@SGET75 3 ай бұрын

Main 44ad mein hoon apni balannce sheet aur stock proper uodaye rakhatoon samne wala vendor se purchase kiye hai to unko payment late krenge to hame problem nhi hai agar main bhi msme mein registered hoon but 44ad mein hoon

@udaysuvarna682 3 ай бұрын

sir, in case we have made credit agreement for 60 or 90 days with my creditor/vendor (regd.under msme) then also we need to make payment within 45 days

@AtishayLtdAccounts 3 ай бұрын

Sir humari construction company jisme abhi koi turnover nahi hai, keval WIP hai filhal 2023-24 mai. Still MSME rule applicable honga kya? Pls reply

@khushwantsamdani8699 3 ай бұрын

Sir , Suppose my invoice date is 1 st of January and I have received invoice on 25 th March and I have made payment on 2 nd April? Will this be disallowed under section 43bh this year and it will be allowed next year or what ?

@saurabhchakraborty2290 3 ай бұрын

Hamara code 73100 Advertising, Activity mein Services hai aur Major Activity mein Trading hai to kya hamare upar 43b(H) applicable hoga? Please guide

@sagarmohite3678 3 ай бұрын

Late payment interest kitana katega uske bare main batao

@pradeepkoli5785 2 ай бұрын

Sir, 2022-2023 ki payment pending hai us per mujhe MSME filling karna padega kya, please advise ??

@MC-io4fg 3 ай бұрын

What about payment done through cheque. If cheque is issued as per the conditions specified in MSME Act but presented for payment after 45 days. What impact it would have on purchaser books.

@skillvivekawasthi 3 ай бұрын

Payment will deemed to be completed when received by the supplier. Mere issuing cheques doesn’t amount to payment.

@sunilfatnani 3 ай бұрын

अगर कोई supplier आज msme में registartion करता है तो क्या आज से पहले payments भी मुझे 31 मार्च तक clear करना है ?

@amit0562 3 ай бұрын

what if one Manufacturing/Service company which comes in small category has taken the MSME registration on 1st March 2024....will the invoices generated before 1st March 2024 by this company to its parties comes under this act?...pls reply

@Appan_samaj 3 ай бұрын

Sir ydi hm registered na ho MSME me fir bhi hme 45 Days me payment krni hogi ?

@goyalmangat331 3 ай бұрын

Sir I Am Having Work of Pesticides Can On Me Apply This Rule??????

@sknayabali2289 3 ай бұрын

How to calculate interest payable to MSME In case of late payment after 45 days but before the year ending 31st March 2024?

@Arijeet1 3 ай бұрын

Supplier service provider ho to kya kare????? Plz

@khushwantsamdani8699 3 ай бұрын

Sir can please take a session on How to make this type of presentation

@trendfood3586 3 ай бұрын

Sir, suppose the seller is a manufacturer or service provider he has all eligibility under the said provision : Sold goods /provided service to us on 23-12-23 that time he is not obtained msme, registration, now on march 2024 he applied for msme registration. In this situation said rule applicable?

@rahulakhawat4248 3 ай бұрын

Plz.let me know about this if u get an answer

@junedshaikh1162 3 ай бұрын

Sir ek sawal hai, mera ek party ka bill date dec 23 ka h but tab vo party msme registered nahi thi but abhi 20 march ko registration kiya h usne to meko uska payment dalna padega ? Please sir Reply

@shivbardoliya2653 3 ай бұрын

Yes

@AjjaySharrma-EN5566 3 ай бұрын

@mithunn555 3 ай бұрын

Sir, one confusion that if any Bill dated 01.12.2023 and payment made till 31st March 24 than is it allowable or not ?? Because 45 days almost over

@FinTaxPro 3 ай бұрын

Allowed sir on actual payment basis

@mithunn555 3 ай бұрын

@@FinTaxPro okay sir thanks

@soumenduchakraborty1699 3 ай бұрын

Sir my nature of business mobile phone....to sir jo mobile hum purchase karte he..bo sob creditors ka payment me ye rule apply hoga????

@aakashsharma9263 3 ай бұрын

@@soumenduchakraborty1699 no ,as all the mobile seller's are also trader.and you are also classified as trader.,so non applicability.

@veenadesai9942 3 ай бұрын

Is this applicable on provision of audit fee

@kumarpawan1322 3 ай бұрын

Yes audit fees mean service provider

@GurpreetSingh-nt7of 3 ай бұрын

I have clear the all credit balance by issuing cheque dt 28/03/24. The supplier has issued me a receipt of cheque issued by me. Now, to accommodate me, he assure me to NOT REPRESENT my cheque dt 28/03/24 up to 25/06/24. Now, Clear me about this scenario. 🙏🏽