amendement of form no.3CD

The item No. 17A has been added which is being reproduced below :-

What do you want to know about it please specify.

SIR,  I WANT TO KNOW WHAT IS ACTUAL MEANING OF INADMISSIBLE INTEREST UNDER MSME DEVELOPMENT ACT'2006

PLS. GUIDE ME

REGARDS

BISHNU DEO SHARMA

The Micro , Small and Medium Enterprises Development Act, 2006 has  given some protection to the Micro , Small and Medium Enterprises as defined in that Act. One of protection given to these Industries is that the Buyers of these Enterprises have to make the payment to them within stipulated time as per the agreement and if the payment is delayed then the Buyers have to pay interest at prescribed rate.  These provisions are given in section 15 to Section 23 of the MSMED Act, Thsese provisions have overriding effect over all the other laws in force and one of the provision which is contained in Section 23 of  MSMED Act 2006 the interest paid or payable as per the provisions of  MSMED Act 2006 will not be avilable as deduction while calculating the income tax payable by the assessee.

If any body has paid or make a provision of payment of interest to any enterprises as mentioned above have to be reported against the new requirement of the Form 3CD.

- ca sudhir halakhandi

thank you sir

thanks sir 

thanx sir

thank you

Thank u Sudhir sir......

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