hii,
if i purchase goods from msme mfgr on 1 april 2024 and i could not pay with in 45 days amd paid after 150 days so is it allowed deduction under income tax ? and what will be the effect to seller also ?
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Msme payment query
Replies (4)
Quick Summary
If it was purchase don 01st April 2024, then the same can be treated as revenue expenditure for the FY 2024-25, so if it was paid within 150 days then the same will be allowed as expenditure as it is paid before the ending of the financial year.
I hv never heard of such deduction.
Yes, I agreed with Mr CA Kushwanth,
The purchase can be claim as expense in the financial year.
No issues.
The purchase can be claim as expense in the financial year.
No issues.
Yes, I too agree with CA Kushwanth.
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