11 November 2024
Sir, We are not able to track the payments whether made within the dates specified under MSME ACT with regard to the newly inserted section.So how we can disclose the same in the tax audit report for the year
12 November 2024
1. Identify payments made to MSMEs and verify if they were made within the specified timeframe. 2. If you are unable to track the payments, the tax auditor should: Mention in the report that the company has not been able to verify the timely payment details with respect to MSMEs, either due to inadequate tracking or lack of information. If payments to MSMEs are outstanding beyond the prescribed period, disclose the amounts, and indicate the period of delay. Describe the steps the organization is taking to remedy the situation (e.g., implementing a new payment tracking system, obtaining the necessary records from vendors). 3. Form 3CD: Report delayed payments in Form 3CD, specifically: Point 19: Details of payments to MSMEs. Point 30: Details of delayed payments to MSMEs.