Articles

With the financial year 2024-25 coming to an end, businesses must maintain compliance with several tax regulations to avoid disallowances and penalties.

End of FY 2024-25: Compliance with Section 43B(h) for MSME Payments; Know Why It is Important?

The Finance Act 2023 inserted Section 43b(h). Any disallowance u/s 43B(h) is required to be reported in Clause 22(ii) of Form 3CD.

Suggestive Reporting in Tax Audit Form for Disallowance under Section 43b(h)

Section 43B(h) encourages large companies or entities to settle debts with MSMEs within the stated time frame, which is 15 days without a written agreement and 45 days with an agreement.

External Confirmation in relation to Sec 43B(h) to the Vendor of Auditee

The Finance Act 2023 added Section 43B(h), which states that any payment owed to MSE for goods sold or services rendered may be deducted in the same year if paid by the deadline specified by the MSMED Act, 2006.

Draft Letter to the Auditee by the auditor in relation to Compliance of Section 43B(h)

News

The Institute of Chartered Accountants of India (ICAI) has submitted the Pre-Budget Memorandum 2024 to CBDT.

ICAI Submits Pre-Budget Memorandum 2024: Seeks clarifications on provisions of section 43B(h)

The All India Federation in an appeal against Section 43B(H) of the Income Tax Act, Vyapar Mandal has filed a case in the Supreme Court.

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End of FY 2024-25: Compliance with Section 43B(h) for MSME Payments; Know Why It is Important?

Suggestive Reporting in Tax Audit Form for Disallowance under Section 43b(h)

External Confirmation in relation to Sec 43B(h) to the Vendor of Auditee

Draft Letter to the Auditee by the auditor in relation to Compliance of Section 43B(h)

ICAI Submits Pre-Budget Memorandum 2024: Seeks clarifications on provisions of section 43B(h)

Section 43B(h): Petition filed in Supreme Court against MSME Late Payment Clause of Income Tax