hii,
if i purchase goods from msme mfgr on 1 april 2024 and i could not pay with in 45 days amd paid after 150 days so is it allowed deduction under income tax ? and what will be the effect to seller also ?
If it was purchase don 01st April 2024, then the same can be treated as revenue expenditure for the FY 2024-25, so if it was paid within 150 days then the same will be allowed as expenditure as it is paid before the ending of the financial year.
CAclubindia
