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719 Points
Joined June 2007
Point 17A of new Form 3CD of Tax Audit requires to disclose the amount of interest disallowed under section 23 of MSME Act.
Now my query is :
Whether the interest amount to be disallowed is actual interest paid or payable to MSM enterprises or ,if there is no formal agreement , on notional basis if paid after 45 days as required under the Act?
If it is on notional basis also, it means it’s a huge working for the tax auditor to find out the delay and calculate the interest?
Also where to find the interest rate?