| Question And Answer | |
|---|---|
| Subject: | New provision u/s 43(B) regarding payment to spplier of Goods & Servies regstered under MSME Act, 2006 |
| Category: | Income-Tax |
| Querist: | CA Govind Agrawal |
| Answered by: | Reply of the Expert is awaited; |
| Tags: | 43B |
| Date: | February 9, 2024 |
If a person filing ITR under presumtive taxation receives goods & services from registered entity under MSME Act and defaults in making the payment u/s 43B of I.T. Act, 1961 whether legally consequences of default in payment as per Sec 43B will be applicable?
Since sections of presumtive taxation starts with
“Notwithstanding anything to contrary contained in Sections 28 to 43C…”
Section 43B starts with
“Not withstanding anything contained in any other provision of this Acr…”
My point is provisions of Section 44 comes subsequently to 43B but non obstantive clause in Sec. 43B appears to have wider coverage so as to overide non-obstantive clause under presumtpive taxation.
Please give case laws on the issues,if any.
Reply of the Expert is awaited. Please check back later
Disclaimer: This article is only for general information and is not intended to provide legal advice. Readers desiring legal advice should consult with an experienced professional to understand the current law and how it may apply to the facts of their case. Neither the author nor itatonline.org and its affiliates accepts any liabilities for any loss or damage of any kind arising out of any inaccurate or incomplete information in this article nor for any actions taken in reliance thereon. No part of this document should be distributed or copied (except for personal, non-commercial use) without express written permission of itatonline.org
Dear Sir
my self employed as Contract Job
Our company release my Perfectional fees timely
But Travel expense is not release timely