MSME & Income Tax
This query is : Resolved
26 March 2024
A Proprietory concern registered under GST,
but Not registered under MSME, also having turnover below tax Audit limit
If its Vendor are registered under MSME
Is Proprietary concern liable to clear its dues to their vender (regd in MSME) within 45 days ?
but Not registered under MSME, also having turnover below tax Audit limit
If its Vendor are registered under MSME
Is Proprietary concern liable to clear its dues to their vender (regd in MSME) within 45 days ?
26 March 2024
Yes it is. However, if the turnover is below the tax audit limit and if the vendor had opted for presumptive taxation u/s 44AD, then the the disallowance u/s 43B(h) will not be applicable as the section 44AD starts with "Notwithstanding anything contrary contained in section 28 to 43C".
However, section 43B(h) disallowance is not applicable to the vendors who are registered themselves as traders under MSME.
However, section 43B(h) disallowance is not applicable to the vendors who are registered themselves as traders under MSME.
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26 March 2024
So any Buyer (Whether company/LLP/Firm/Proprietary) not registered under MSME and not opted for presumptive taxation has to pay within 45 days to its MSME registered vendors even if exempted from Tax Audit?
26 March 2024
Exactly, because unlike some of the TDS provisions, this is entirely different because, it is nowhere specified that it is applicable only to those who are liable to get audited u/s 44AB. hence, it is applicable, however the vendor needs to be either Micro or small and need to be either manufacturer or service provider and our registration under MSME is irrelevant.
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