PURCHASE BILL DATE 23.3.2024 AND SUPPLIERS IS REGISTERED UNDER MSME ACT
DUE DATE OF THIS BILL IS AFTER 31 MARCH 2024. WE WILL PAY THIS BILL 30 JUNE 2024.CAN THIS PURCHASE BILL DISALLOW IN FY 2324
6 Replies
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 20 March 2024
No... It's not disallowed as per income tax act based on MSME act.
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 21 March 2024
Whether the supplier is trader or manufacturer
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 21 March 2024
| Originally posted by : CA Rashmi Gandhi | ||
 |
Whether the supplier is trader or manufacturer |  |
As per query, it's not disallowed even if the supplier is mfg/ser.
Bcoz, the time limit is available.
BALASUBRAMANYA B N
(CCI STUDENT....)
(44679 Points)
Replied 22 March 2024
If a company owes money to a small MSME Registered Enterprise for more than 45 days by March 31, 2024, and pays after April 1, 2024, they can only count it as an expense in the financial year 2024-25, not 2023-24.
Read this below article link for clear understand.
https://www.caclubindia.com/articles/making-sme-payments-by-31st-march-2024-for-compliance-under-section-43bh-of-income-tax-act-51356.asp
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 22 March 2024
Dear Experts,
Please note the query...
The bill date is 23.03.2024...
Please check and consider the bill date after reply based on the bill date with sec 43B(h).
Regards
Raja P M
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