Key changes in MSME reporting for tax audits
CA Umesh Sharma explains Clause 22 of Tax audit report which deals with reporting of payment made to MSME dealers within statutory timeline
Tag: 45 days payment rule to MSMEs
SC rejects plea by Micro and Small businesses challenging 45-day pay rule in Income Tax law
Micro and Small Enterprises (MSEs) received a setback on Monday as the Supreme Court declined to hear their plea against the new Income Tax provision. However, the apex court granted the MSEs leave to pursue their case in the High Court.
Exporters seek exemption from 45-day payment to MSMEs rule
Exporters across sectors have sought exemption from a new rule that requires them to pay any pending bills to micro and small units within 45 days.
Timely payment to MSMEs rule to be enforced from April 1: Finmin officials
The government will implement a rule in FY25 requiring payments to micro, small and medium enterprises (MSMEs) to be made within 45 days, failing which companies will have to pay tax on the amount due. Any change to the rule…
Finance Ministry likely to postpone implementation of 45-day payment rule for MSMEs to April 2025
The Finance Ministry is contemplating a deferment of the enforcement of Rule 43B (h) under the Income Tax Act, which mandates payments to micro, small, and medium enterprises (MSMEs) within 45 days, sources informed CNBC-TV18. The proposed postponement is expected…
Section 43B(h): Is Finance Ministry revising the new rule for payment to MSMEs within 45 days?
Section 43B amended under the Income Tax Act to insert Clause (h) by the Finance Act of 2023 to address the issue of delayed payments faced by MSMEs from their buyers is likely to be revised by the government. The clause, to…
45-day payment rule to MSMEs: FinMin looking at a possible tweak
The finance ministry is looking into a proposal to tweak the new income tax rule under which business enterprises will be required to make payments to micro, small and medium enterprises (MSMEs) within 45 days. Some businesses have sought deferment…