Understanding Section 43B(h) of Income Tax Act | MSME 45 Days Payment Rule
Вставка
- Опубліковано 2 жов 2024
- Learn about the implications of Section 43B(h) of the Income Tax Act, inserted by the Finance Act 2023, regarding payments to Micro, Small, and Medium Enterprises (MSMEs). Discover its applicability, effective date, time limits, and penalties for late payments. Gain insights into how this amendment aims to streamline payment processes, promote financial transparency, and benefit both MSMEs and larger enterprises. Stay informed to navigate tax planning and compliance efficiently.
👨🏻🎓Practical Courses-
👉🏻ITR, GST & TDS (Tax Combo) - fintaxpro.in/C...
👉🏻Account Finalization - fintaxpro.in/A...
👉🏻ROC eFiling - fintaxpro.in/c...
👉🏻Trademark e Filing Course - fintaxpro.in/TM
👉🏻Taxation for Share Market - fintaxpro.in/s...
👉🏻GST Course - fintaxpro.in/GST
👉🏻ITR & TDS Course - fintaxpro.in/ITR
👉🏻Excel Course - fintaxpro.in/E...
👉🏻Taxation for Online Sellers - fintaxpro.in/o...
👉🏻Balance Sheet & PnL Finalization - fintaxpro.in/B...
👉🏻All in one Combo Course - fintaxpro.in/All
📞7827521794 (For Course queries only)
📞For GST Filing, ITR Filing, Trademark Filing, Trademark Reply, Company Incorporation, ROC Compliance, DSC, Project report, MSME Certificate and other related services call us at 7048930220 or 7827521794
Download Notes - t.me/fintaxpro...
📍Buy class 3 DSC with 2 years @1250 - imjo.in/tFcdAZ
📍Utilities
👉Buy GST computation imojo.in/jy67ZG
👉Buy TDS Calculator imojo.in/5Jv0gj
👉Buy amazon profit calculator imojo.in/1FkCqbs
👨🏻🎓For Magazine - fintaxpro.in/n...
📩info@fintaxpro.in
Telegram channel - t.me/fintaxpro
FinTaxPro Mobile App - bit.ly/3WJ63tX
FinTaxPro Social Handles- linktr.ee/fint...
FinTaxPro Studio Gear - linktr.ee/fint...
FinTaxPro Live - / @fintaxprolive
Disclaimer- Although all provisions, notifications, updates, and live demos are analyzed in-depth by our team before presenting to the public. We hereby provide our point of view only and tax matters are always subject to frequent changes hence advisory is only for the benefit of the general public. Hence neither Fintaxpro Advisory LLP nor its designated partner is liable for any consequence that arises on the basis of UA-cam videos.
Copyright Disclosure - As per Sec 52 of The Copyright Act,1957 Fintaxpro Advisory LLP shared this video with a clear objective to educate the public at large and thus constitute the fair dealing with content for the purpose of reporting of current events and current affairs, including the reporting of a lecture delivered in public
©️Fintaxpro Advisory LLP
Tags:
Income Tax Act, Section 43B(h), MSME, Finance Act 2023, Payment Rule, Tax Planning, Compliance, Finance, Business, Small Business, Medium Business, Indian Taxation, Indian Economy, Financial Regulation, MSMED Act 2006, Tax Deductions, Indian Tax Law, Business Law, Payment Terms, Working Capital, Financial Management, Taxation Policy, Small Business Finance, Medium Business Finance, Indian Government, Financial Legislation, Corporate Tax, Entrepreneurship, Economic Development, Legal Compliance
Hastags
#TaxDeductions #IndianTaxLaw #BusinessLaw #FinancialManagement #TaxPolicy #WorkingCapital #Entrepreneurship #CorporateTax #LegalCompliance #EconomicDevelopment #IndianGovernment #FinancialLegislation #SmallBizFinance #MediumBizFinance #PaymentTerms
Awesome
Sir can please take a session on How to make this type of presentation
Apne jo thumbnail me likha h 2crore se kam turnover par apply nae hoga
Ye bat to Apne khi discuss ki ni video p ???
Ye 2 crore kya h sir plz clarify
Sir, 2022-2023 ki payment pending hai us per mujhe MSME filling karna padega kya, please advise ??
What about payment done through cheque. If cheque is issued as per the conditions specified in MSME Act but presented for payment after 45 days. What impact it would have on purchaser books.
Payment will deemed to be completed when received by the supplier.
Mere issuing cheques doesn’t amount to payment.
No agreement me 15 days ka nahi bataya apne
Well presented and explained 👍
Sir, ager possible ho to audited ITR-03 filing par v ek video banayiye🙏🙏🙏🙏🙏
Late payment interest kitana katega uske bare main batao
Supplier registered under MSME as service provider Micro / small category but also doing trading activity. If an entity purchasing goods from such service provider whether section 43B(h) will be applicable
Sir , Suppose my invoice date is 1 st of January and I have received invoice on 25 th March and I have made payment on 2 nd April? Will this be disallowed under section 43bh this year and it will be allowed next year or what ?
अगर कोई supplier आज msme में registartion करता है तो क्या आज से पहले payments भी मुझे 31 मार्च तक clear करना है ?
Thank you sir for your very valuable advice 🙏
Thanks for the information Sir
Thank you so much
महोदय MSME RULE के आधार पर जानकारी प्रदान करे:-
एम एस एम ई मे रजिस्टर्ड विक्रेता से कोई व्यक्ति संस्था जी एस टी लागू होने के पुर्व से आज दिनांक तक लगातार खरीदी कर रही है, एवं 31/3/2024 को 10 लाख लेना है,लेकिन पार्टी नही दे पा रही है, देनदार ने इसके लिये 1/4/24 को देनदार ने पार्टी के दो खाते (1) खरीदी खाता वेट (2) खरीदी खाता जी एस टी मे विभाजित करते हुवै, 10 लाख रु वेट की देनदारी बता दी, एवं जीएसटी की देनदारी निरंक बता दी है, क्या ऐसा करके देनदार एम एस एम ई के नियम से बच सकता है क्या!
Is this applicable on provision of audit fee
Yes audit fees mean service provider
Sir, suppose the seller is a manufacturer or service provider he has all eligibility under the said provision :
Sold goods /provided service to us on 23-12-23 that time he is not obtained msme, registration, now on march 2024 he applied for msme registration. In this situation said rule applicable?
Plz.let me know about this if u get an answer
Thank u sir 🙏
Sir ye pdf ki link de do please ♥♥
Thank you so much sir
what about depriation on such assets ??
Sir, one confusion that if any Bill dated 01.12.2023 and payment made till 31st March 24 than is it allowable or not ?? Because 45 days almost over
Allowed sir on actual payment basis
@@FinTaxPro okay sir thanks
Sir my nature of business mobile phone....to sir jo mobile hum purchase karte he..bo sob creditors ka payment me ye rule apply hoga????
@@soumenduchakraborty1699 no ,as all the mobile seller's are also trader.and you are also classified as trader.,so non applicability.
I have clear the all credit balance by issuing cheque dt 28/03/24.
The supplier has issued me a receipt of cheque issued by me.
Now, to accommodate me, he assure me to NOT REPRESENT my cheque dt 28/03/24 up to 25/06/24.
Now, Clear me about this scenario.
🙏🏽
Thank you Sir
Sir I Am Having Work of Pesticides Can On Me Apply This Rule??????
what if one Manufacturing/Service company which comes in small category has taken the MSME registration on 1st March 2024....will the invoices generated before 1st March 2024 by this company to its parties comes under this act?...pls reply
How to calculate interest payable to MSME In case of late payment after 45 days but before the year ending 31st March 2024?
sir, in case we have made credit agreement for 60 or 90 days with my creditor/vendor (regd.under msme) then also we need to make payment within 45 days
Which year turnover and plant & machinery investment need to be checked for MSME? In some cases the MSME certificates are old and with latest financials (FY 2023-24), the category need to be updated, but not done in the certificate. What will be the scenario in these cases? If some assessees doesn't disallow expenses, hit by sec 43B(h), in their ITR of AY 2024-25, whether IT department can cross verify this from any statement? Are there any returns/statements to be filled under MSME Act, relating to outstanding dues? Please share your views. Thanks.
Sir, ITC - 0️⃣3️⃣ filing pr video banana please. (In case of Nil filing of ITC - 03) Thanks sir❤
Time lagega abhi usme thoda
@@FinTaxPro Ji sir, Thank you so much sir ❤️
Hamara code 73100 Advertising, Activity mein Services hai aur Major Activity mein Trading hai to kya hamare upar 43b(H) applicable hoga? Please guide
Sir humari construction company jisme abhi koi turnover nahi hai, keval WIP hai filhal 2023-24 mai. Still MSME rule applicable honga kya? Pls reply
Sir, 2022-2023 ki payment pending hai us per mujhe MSME filling karna padega kya, please advise ??
Hi sir one of my clients has paid advance tax with TAN so can i change it to direct tax. Please reply me sir
Supplier service provider ho to kya kare????? Plz
Sir ydi hm registered na ho MSME me fir bhi hme 45 Days me payment krni hogi ?
sir g March 2023 closing blance ko b income m count hoga ya uske badh jo b purchase h usko 45 days m clear kr de aur closing rkh skte h kya ji
Main 44ad mein hoon apni balannce sheet aur stock proper uodaye rakhatoon samne wala vendor se purchase kiye hai to unko payment late krenge to hame problem nhi hai agar main bhi msme mein registered hoon but 44ad mein hoon
Trader or not a trader ka matlab bhole na?
Wahh bhai tum tho saaf saaf keh rahe ho paise time par Dene ki jarrurat hi nhi hain haram ka kushi se khao
sr msme k provision kya cooperative society pr apply honge
Where is it mentioned that it won’t apply to traders
Please refer MSME Act
Traders are included for lending benefits only.
43b ?
How do you make these beautiful charts ??
Will make a video on that on my personal channel.
@@FinTaxPro Sir is there any separate personal channel?
Sir ek sawal hai, mera ek party ka bill date dec 23 ka h but tab vo party msme registered nahi thi but abhi 20 march ko registration kiya h usne to meko uska payment dalna padega ? Please sir Reply
Yes
No
Sir aapne bole the ki traders ko. Bhi apply hai ye
nahi Trader cover nahi hai