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In the Lok Sabha, Pankaj Chaudhary, Minister of State for Finance, cited that the amended Section 43B of the Income-tax Act, 1961, introduced in the Union Budget last year, was endorsed via MSME associations in India. The amendment has the motive to address the problem of late payments faced via micro and small enterprises (MSEs), […]
On July 23, the Union Budget for 2024-25 was addressed in the Lok Sabha by Finance Minister Nirmala Sitharaman. Here are major announcements for the assistance of MSMEs for the promotion of MSMEs. This budget furnishes special watches to Micro, Small, and Medium Enterprise (MSME) and manufacturing, particularly labour-intensive manufacturing. The Finance Minister has developed […]
Micro, Small, and Medium Enterprises (MSMEs) in recent years have attained significant importance in driving economic growth and development. Such businesses secure an important role in creating jobs, fostering innovation, and contributing to the overall Gross Domestic Product (GDP) of a country. The importance has been discussed in this blog, and also why they are […]
The Centre wishes to reconsider the 45-day payment rule for micro, small, and medium enterprises if the industry wants it, Finance Minister Nirmala Sitharaman cited. The Finance Minister cited that when MSMEs need an extended payment duration then they could provide the representations for the acknowledgement in the forthcoming budget in July. The minister in […]
In getting licenses in the Goods and Services Tax (GST ) regime, the Federation of Indian Micro and Small & Medium Enterprises (FISME) and Tamil Nadu Chamber of Commerce show the issues faced by online micro, small and medium enterprises (MSMEs) and sellers in Tamil Nadu The industry body in a statement quoted that in […]
The government of India in a measure to support the financial health of micro, small, and medium enterprises (MSMEs) in India, announced the enactment of a strict rule requiring payments to MSMEs to be settled within 45 days. Tax penalties on the due amount shall be levied if companies fail to follow the said rule. […]
The finance ministry is thinking about changing a new tax rule. As per this rule, businesses must pay small and medium-sized companies within 45 days. Some businesses want this rule to start later, while others want more time to pay, they say it needs to be extended more than 45 days. Read Also: New Rule […]
Section 44AD Streamlines Presumptive Taxation: Enhanced Requirements for Enterprises The income tax department in an action objecting to easing the process of tax for businesses has waived the criteria for the presumptive taxation under section 44AD. A new ‘receipts in cash’ column has been presented, showing the cash turnover or gross receipts. To Rs. 3 […]
A new regulation for the assessment year 2024-25 has been enforced by the central government, mandating that purchasers settle payments for goods procured from MSMEs within 45 days of delivery. Furthermore, all outstanding dues to MSMEs must be cleared before March 31, 2024. Failure to adhere to these timelines will result in the pending payment […]
