Point 17A of new Form 3CD of Tax Audit requires to disclose the amount of interest disallowed under section 23 of MSME Act.
Now my query is :
Whether the interest amount to be disallowed is actual interest paid or payable to MSM enterprises or ,if there is no formal agreement , on notional basis if paid after 45 days as required under the Act?
If it is on notional basis also, it means it’s a huge working for the tax auditor to find out the delay and calculate the interest?
Also where to find the interest rate?
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