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…
► Read Answer
With effect from 1/4/2023, any sum payable by the assessee to Micro or Small enterprises beyond the time limit specified in section 15 of the Micro, Small and Medium Enterprises development act, 2006 shall not be allowed as deduction. There are three questions with respect to said amendments Old Dues outstanding to MSME due to any reasons (before 1/4/2023) and not paid during the year and still outstanding as on balance sheet date. Will the such balances be required to added to income. Whether the micro or small enterprise which has obtained UDHAYM registration will only be counted or unregistered…
► Read Answer
Is there any remedy for 36(1)(va), if appeal filed before checkmate judgement of supreme court.
► Read Answer
Whether these amendments are applicable retospectively or from AY 2022-23 (more…)
► Read Answer
New provision u/s 43(B) regarding payment to spplier of Goods & Servies regstered under MSME Act, 2006