MSME ACT 2006

478 views
User Avatar

ipcc
87 Points Posted on 20 March 2024
PURCHASE BILL DATE 23.3.2024 AND SUPPLIERS IS REGISTERED UNDER MSME ACT
DUE DATE OF THIS BILL IS AFTER 31 MARCH 2024. WE WILL PAY THIS BILL 30 JUNE 2024.CAN THIS PURCHASE BILL DISALLOW IN FY 2324
0 Reply Share Follow
On 20 March 2024 at 18:48 Report
Replies (6)
Quick Summary
This discussion clarifies the application of the MSME Act 2006 concerning payments made in the financial year 2023-24. It explains that if a purchase bill is dated before March 31, 2024, but the payment is due after this date and paid later, the expense cannot be disallowed for FY 23-24 under the Income Tax Act, regardless of whether the supplier is a manufacturer or trader. However, if a payment to an MSME supplier exceeds 45 days by March 31, 2024, and is paid after April 1, 2024, it will be considered an expense for FY 2024-25.

User Avatar

"Do the Right Thing...!!!"
128157 Points Posted on 20 March 2024
No... It's not disallowed as per income tax act based on MSME act.
Reply
On 20 March 2024 at 20:30
User Avatar

Chartered Accountant
86505 Points Posted on 21 March 2024
Whether the supplier is trader or manufacturer
Reply
On 21 March 2024 at 00:50
User Avatar

"Do the Right Thing...!!!"
128157 Points Posted on 21 March 2024
Originally posted by : CA Rashmi Gandhi
Whether the supplier is trader or manufacturer

As per query, it's not disallowed even if the supplier is mfg/ser.

Bcoz, the time limit is available.

 

 

Reply
On 21 March 2024 at 05:26
User Avatar

ipcc
87 Points Posted on 21 March 2024
SUPPLIER IS MANUFACTURERS
Reply
On 21 March 2024 at 19:37
User Avatar

CCI STUDENT....
44687 Points Posted on 22 March 2024

If a company owes money to a small MSME Registered Enterprise for more than 45 days by March 31, 2024, and pays after April 1, 2024, they can only count it as an expense in the financial year 2024-25, not 2023-24.

Read this below article link for clear understand. 

https://www.caclubindia.com/articles/making-sme-payments-by-31st-march-2024-for-compliance-under-section-43bh-of-income-tax-act-51356.asp

 

Reply
On 22 March 2024 at 13:05
User Avatar

"Do the Right Thing...!!!"
128157 Points Posted on 22 March 2024

Dear Experts,

 

Please note the query...

The bill date is 23.03.2024...

Please check and consider the bill date after reply based on the bill date with sec 43B(h).

 

Regards

Raja P M

Reply
On 22 March 2024 at 13:19

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. GST Reconciliation Tool (2A vs Books) - looking fo
  2. TDS ON PF FORM 19 WITHDRAWAL
  3. Can a virtual office in Mumbai be used for company
  4. Eway and e invoicing in condition where 4 party ar
  5. Bank balance in ITR-3
  6. INCLUDING PROFITS FROM REIT / INVIT IN SHARE TRADI
  7. Tempsens Instruments IPO GMP Allotment Listing dat
  8. Upload Type - Correction. Not showing in TDS filli
  9. Partnership tax audit query
  10. ERROR SHOWING PARTNER REMUNERATION ITR 3 TIME OF V

More recent discussions | Post

Related Topics :

Loading