If I purchase made in current financial year but I fail to make payment within current financial year my purchase expense is disallowed that understand but I made payment in next financial year in that year can I include that Purchase amount in expence
Ok ji , if I give 31 March 23 dated cheque to supplier but he failed to put the cheque in bank on that day. He may put cheque in other days like 3 April 24 then wat is rule applicable???
Sir, 23 mar 24 la purchase panirunthu, 15 days agreement potathigalum, and 45 days agreement pottavigalum after time limit ku aprm 29th may 24 la payment pannaraga aptina, fy 23-24 la purchase expenses claim panikalama , yenna process ithuku solluga sir pls
If that msme reg person eligible to get paymet within 45 days. Then that reg person also liable to pay his payments even to non msme reg person within 45 days?
i have a query sir. regarding 45 days lime limit - there is a written agreement between the parties , if the bills were setteled after 31st march 2024 , only the interest at 3 times the normal bank rate will get disallowed u/s 43 B (4) and not the total invoice value of the bills paid after 31st march. pl. clarify
I BOUGHT A GOODS FROM AANOOR TEXTILES PVT LTD, ASKING FOR A CREDIT PERIOD OF 45 DAYS AND IAM NOT ABLE TO SALE THE ENTIRE GOODS ON THE TIME FRAME SO IAM RETURNING THE UNSOLD GOODS BY RETURN BILL…… AND I WILL PAY THE AMOUNT WHICH I SOLD……….. WILL THIS PROCESS AFFECT ON ANY THING
HI ..IF NO ISSUE YOU ARE A MANUFACTURER OR TRADER. WHATEVER THE REMAINING GOODS YOU PURCHASE FROM THAT SUPPLIER YOU NEED TO PAY THEM IN 45 DAYS IF THEY ARE REGISTERED UNDER MSME.
Sir is it applicable to creditors who hv invested in plant and machinery? If suppose just we are buying goods from a company which does not involve in any machinery, will this rule applicable?
Does this rule applicable only for the invoices created after the MSME registration date? For eg: If i register in MSME in Feb 2024, and if i have pending payment for the invoices in Sep 2023, then would this rule be applicable?
When was the rule implemented
01.04.23
MSME Medium PERSON NOT APPLICABLE FOR THIS RULES?
Yes Only for Micro and Small
If I purchase made in current financial year but I fail to make payment within current financial year my purchase expense is disallowed that understand but I made payment in next financial year in that year can I include that Purchase amount in expence
Yes u can....
Ok ji , if I give 31 March 23 dated cheque to supplier but he failed to put the cheque in bank on that day. He may put cheque in other days like 3 April 24 then wat is rule applicable???
Hi. Cheque issue date only considered....cheque deposit date will not be considered. If you have sufficient balance at bank.
Sir, 23 mar 24 la purchase panirunthu, 15 days agreement potathigalum, and 45 days agreement pottavigalum after time limit ku aprm 29th may 24 la payment pannaraga aptina, fy 23-24 la purchase expenses claim panikalama , yenna process ithuku solluga sir pls
I WILL UPLOAD THE UPDATED VIDEO FOR ALL YOUR QUERIES... THANK U
If that msme reg person eligible to get paymet within 45 days. Then that reg person also liable to pay his payments even to non msme reg person within 45 days?
No, if the supplier is not registered under MSME. They will not come under.
What is the purchase expenses?
Q1. Purchases are disallowed or purchase expenses are disallowed?
Is this applicable for presemptive income u/s 44AD who are not mandanted to maintain books of accounts?
Is applicable for the person engaged in garments business
All msme's registered persons applicalble ? Including medium enterprises (below 250 turn over).?
Only Micro and Small
i have a query sir. regarding 45 days lime limit - there is a written agreement between the parties , if the bills were setteled after 31st march 2024 , only the interest at 3 times the normal bank rate will get disallowed u/s 43 B (4) and not the total invoice value of the bills paid after 31st march. pl. clarify
Yes, if you made a payment after the FY end and more than 45 days then the Purchase Value is also disallowed.
I BOUGHT A GOODS FROM AANOOR TEXTILES PVT LTD, ASKING FOR A CREDIT PERIOD OF 45 DAYS AND IAM NOT ABLE TO SALE THE ENTIRE GOODS ON THE TIME FRAME SO IAM RETURNING THE UNSOLD GOODS BY RETURN BILL…… AND I WILL PAY THE AMOUNT WHICH I SOLD……….. WILL THIS PROCESS AFFECT ON ANY THING
PLS UNDER STAND IAM NOT A TRADERS IAM A MANUFACTURER WHERE I BUY MULTIPLE PRODUCTS FROM EACH MANUFACTURER WITH THAT ALL COMBINATION I MAKE A PRODUCT!
HI ..IF NO ISSUE YOU ARE A MANUFACTURER OR TRADER. WHATEVER THE REMAINING GOODS YOU PURCHASE FROM THAT SUPPLIER YOU NEED TO PAY THEM IN 45 DAYS IF THEY ARE REGISTERED UNDER MSME.
Sir is it applicable to creditors who hv invested in plant and machinery? If suppose just we are buying goods from a company which does not involve in any machinery, will this rule applicable?
Yes if you are registered in MSME.
This section applicable for any turn over limit sir and how not applicable and when the penalty and interest to be paid sir
Only for MSES Mirco - Upto 5CR and MSME Small - 5 to 50CR
Thankyou sir
If Traders are not registered in msme, what happen IT sec 43BH act whether expenses disallowed or not pls clarify sir
If MSME is not registered by suppliers. Then Sec 43bh is not applicable to them.
Sir trading party including this act or not include. What's the position of trader please detailed explanation
HI...NOW TRADERS ALSO CAN REGISTER MSME IN THE PORTAL. SO, TRADERS ALSO INCLUDED.
Sir, does 'Turnover' mean one year or one month?
One Year
Does this rule applicable only for the invoices created after the MSME registration date? For eg: If i register in MSME in Feb 2024, and if i have pending payment for the invoices in Sep 2023, then would this rule be applicable?
No. This rule applies to you from the date of MSME registration.
THANK YOU SIR
Most welcome
May be they are ( Traders ) not include why? How is possible they have a financial problem definitely please answer this question thank you sir
To damage Traders
can you share the link for this pdf in the description
Hi available in my Telegram Group.
Sir i have a doubt enna na 22. - 23 financial year revised return now file panna mudila xl eligible aagala eapdii sir panlaa
Hi, contact me on my WhatsApp.
Revised return last date 31/12/2023 so you cannot not file best u try itr U
Only purchase expenses or purchase on metrial plz explain
Macro?
No ..Only for Micro and Small
This is applicable for all firms right ? If the customer is msme or private limited?
Yes, This applies to suppliers who register in MSME under Micro and Small Industries.