Disallowance sec 43 b(H) opting presumptive taxable it persons applicable
This query is : Resolved
24 January 2024
sir,
Disallowance under sec 43 (b) h can be attracted for assessees opting presumptive taxation of i.e. sec 44ad/sec 44ada/ sec44ae ?
Disallowance under sec 43 (b) h can be attracted for assessees opting presumptive taxation of i.e. sec 44ad/sec 44ada/ sec44ae ?
25 January 2024
It's not applicable for presumptive taxation.
25 January 2024
How it's possible Sir...
If the supplier is under MSE act then outstanding is payable as per time limit of 43B...
25 January 2024
Presumptive taxation is based on 8% profit of turnover. No disallowance as books of accounts not maintained.
25 January 2024
Yes Sir I agreed. But, what about payment to creditors..? (if creditors under MSE act)
25 January 2024
Under presumptive taxation no disallowance as profit computed based fixed rate of profit.
25 January 2024
Yes Sir... But, I ask what if supplier is under MSE act and what benefits to him if he is under MSE act...?. Means if "A" is opt presumptive scheme and "B" (B is under MSE act) is supply to "A". Then what benefits to "B"...?? If A is escape with presumptive scheme then what is B in this situation...?? Why B wwant MSE act...???
26 January 2024
Below tax audit turnover people need not comply with MSME.
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26 January 2024
sir, creditors applicable for cash creditors and trade creditors
26 January 2024
Books of accounts not required to be maintained.
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