New income tax rule for addition of purchases

This query is : Resolved 

04 February 2024 We are seeing on internet that new income tax rule coming that if payment is not made with in 45 days it will be added to income .what is this?

04 February 2024 This is related to MSME payment not made within 45 days such expenses will be not allowed as deduction from income.

04 February 2024 What is msme? Do I come under msme? How to enroll under msme?

04 February 2024 I have udyam registration certificate.Di I come under MSME? PLEASE CLARIFY IN DETAILS.

04 February 2024 As of July 2020, Udyam is the only platform MSMEs need to register on to be recognised as a MSME (check the list of MSME businesses in India) There is no difference between MSME and Udyam in that the Udyam registration certificate is an identification of a business as an MSME.

04 February 2024 It means I am also MSME REGISTERD AND NEW INCOME TAX RULE APPLY TO ME ALSO

04 February 2024 I have dues to be taken from my debtors .How this new rule can help me to release my payments?

04 February 2024 How can I give notice to my debtors that I am msme registered and if my payment not given I will register complain at Income tax ?

04 February 2024 How will this rule help me to recover my dues from my debtors?

04 February 2024 Pl help me regarding recovery of my dues from my debtors through MSME REGISTRATIONS?

04 February 2024 It will ensure payment within 45 days.
Give letter to this to your debtors.

04 February 2024 Msme registration letter? I have to give to them msme registration certificate!

04 February 2024 Msme registration letter? I have to give to them msme registration certificate! Will I have to inform to Income tax Department?

04 February 2024 No need to inform to the income tax department.

04 February 2024 Then how will income tax department know that my debtors not giving me my payment.

04 February 2024 Tax auditor inform to income tax in their report.

04 February 2024 How Tax auditor will know that I am msme registered?

05 February 2024 He will ask for such details.

05 February 2024 If the debtor does not tell or himself don't know how tax auditor will know

05 February 2024 Why the debtor himself will tell tax auditor that payment due to a MSME ENTERPRISES?

05 February 2024 It's as per income tax requirements.


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