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
Menu
MSME ACT 2006
Replies (6)
No... It's not disallowed as per income tax act based on MSME act.
Whether the supplier is trader or manufacturer
| 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.
SUPPLIER IS MANUFACTURERS
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
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
Recent Topics :
- SECTION 139(10) OF THE COMPANIES ACT, 2013 CASE
- TDS u/s.194C returns filed in ITR-1
- TDS on Property - Form 26QB Related
- Capital gains on sale of flat from wife to husband
- TDS filing for the 1st quarter of TY 2026-27
- Login into Old Traces Portal
- Professional Income reporting in ITR-3
- Pf exemption in hand of spouse on demised of husba
- Missed deadline to revise ITR for a foreign asset
- Durga Puja 2026 Dates: Mahalaya, Shashthi to Vijay
Related Topics :
CAclubindia
