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In the Income Tax Act a modification that has the objective of stringent the small businesses via assuring timely payments may have mistakenly prevented the buyers from engaging with them. The learned sources with the government discussions indicated a potential amendment in the act at the time of the coming FY25 full budget session in […]
The Finance Act of 2023 inserted a new clause (h) in income tax section 43B that allows deductions made to MSMEs on an actual payment ground rather than the accrual basis if the payment is created within the threshold limit. Since from 1st April 2023, this section has been applicable. It is critical to scrutinize […]
Analysis of New Clause (H) of Section 43B The Finance bill 2023 would include a new insertion of clause (h) to section 43B of the income tax act 1961. To assure on-time payments, the stated clause would have been inserted as a Socio-Economic Welfare Measure and has been realized through the Micro and small companies. […]
The new provisions for the MSME sector are expected to cause a lot of trouble for micro, small & medium enterprises across the country, as they must become more compliant in terms of filing returns, or might have to pay penalties otherwise. This is also expected to affect the business of the MSME sector by […]
MSME Samadhaan Portal, filing an application under MSEFC with simplicity, a feature introduced from Ministry of MSME, Govt. of India. Section 16 of the MSMED Act, mentions that the liability for the interest payment of the buyer with the month period lies with the supplier if the issue is delayed or the non-payment. The late […]
After receiving the recommendations of the Advisory Committee for MSME Udyam Registration the central Government comes up with: The government introduced some specific criteria for classifying the enterprises as micro, small and medium enterprises. Also notified about the form and the process of filing the memorandum (Udyam Registration), w.e.f 1st day of July 2020 GST […]
The Criterion for filing the MSME I form (MCA) by those specified companies whose outstanding payment to MSME suppliers exceeds 45 days, is discussed below: File MSME Form 1 Via Gen ROC Software, Get Demo! MSME Form 1 MSME Form 1 Due Date (Initial Return) MSME Form 1 Due Date (Half Yearly Return) Important Definitions […]
