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The Union Budget may not make any change in the 45-day pay rule in Income Tax law as the government has amended the Company Law order and notified new form for reporting by companies about delay in payment to micro and small enterprise suppliers. Tax and legal experts are divided over how the change will impact compliance burden for large companies.
The government is racking its brains for options to relax the 45-day payment rule to MSMEs that has come into effect from April 1, 2023, as the rule may disrupt business practices due to its severity and lack of clarity. In order to provide relief to businesses the government is mulling diluting the rule in the Union Budget after the elections.
The Centre is looking at further enabling provisions to ensure award of delayed payments to micro, small and medium enterprises…
The government will implement a rule in FY25 requiring payments to micro, small and medium enterprises (MSMEs) to be made…
Section 43B amended under the Income Tax Act to insert Clause (h) by the Finance Act of 2023 to address…
The finance ministry is looking into a proposal to tweak the new income tax rule under which business enterprises will…
A new law that mandates that any payment made to registered micro, small or medium (MSME) enterprises beyond 45 days…
The textile sector has expressed concern over the impact of a new clause in the Income Tax Act, 1961, through…
Timeline for claiming deductions for payments to Micro and Small Enterprises (MSMEs) under Section 43B of the Income Tax Act,…