Articles

The newly added clause (h) states that any sum payable to a MSE after the time limit specified in Section 15 of MSMED Act shall be allowed as a deduction only in the previous year.

Draft Comments for Sec 43B(h) on Tax Audit Report

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

In a recent social media post, Ved Jain, ex-president of ICAI expressed concern over notices issued under Section 148 of the Income Tax Act.

Several Taxpayer receive Time barred notices from Income Tax Department

Typically, an individual with an income of less than Rs.7 lakh who files an ITR under the new tax regime is eligible for a tax rebate of up to Rs.25,000 under section 87A.

No Income Tax Rebate u/s 87A Despite Income Below Rs.7 Lakh

The new Income Tax Act will be implemented within 6 months in the Country. This article explains the difference between the Income Tax Act and the Direct Tax Code.

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Draft Comments for Sec 43B(h) on Tax Audit Report

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)

Several Taxpayer receive Time barred notices from Income Tax Department

No Income Tax Rebate u/s 87A Despite Income Below Rs.7 Lakh

Difference between Income Tax Act and Direct Tax Code