28 July 2010
Dear sir, how do we know wether our supplier is a MSME? will sending letters to all our suppliers seeking information on their MSME status suffice?. if interest is provided in books for delayed payment to MSME but is not paid to the respective MSME, what are the legal consequences?
02 August 2010
In majority of the cases; from the size of amount of bills raised by them; it can be seen whether they are MSME or not.
You can select accordingly and ask directly them. You can record telephonic reply also as your working papers. Each bill raised by MSME contains telephone number.
If interest is provided but not paid; it shall not be allowed as a deduction.
CAclubindia
