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Understanding Income Tax Provision 43B(h): Confusion Cleared for Tax Professionals & Taxpayers
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- Опубликовано: 5 фев 2024
- In this insightful session, we delve into the newly introduced Income Tax Provision 43B(h) that has stirred confusion among tax professionals and taxpayers alike. Join us as we address two crucial questions: Does 43B(h) apply to entities not registered under MSME? And does it extend to traders as well? Watch the entire video to unravel the intricacies of this important topic and gain clarity on the subject.
Video 1 • Timely Payment to Supp...
Video 2 • Critical issue in Sec ...
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Disclaimer- Although all provisions, notifications, updates, and live demos are analyzed in-depth by our team before presenting to the public. We hereby provide our point of view only and tax matters are always subject to frequent changes hence advisory is only for the benefit of the general public. Hence neither Fintaxpro Advisory LLP nor its designated partner is liable for any consequence that arises on the basis of RUclips videos.
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#IncomeTax #TaxProvision #Taxation #MSME #Taxpayers #TaxProfessionals #TaxLaw #IncomeTax43B(h) #Traders #TaxCode #Finance #BusinessTaxes
Cloth suppliers ko 30-40 days toh sirf cloth ready hone me lag jaate grey purchase , process , dying, cutting, stamping , pack hone me lagte to maal ready hone tak me 45 days ho gye to bina sale payment recieve k payment kaise hoga
Bill date se hoga jis din dispatch/delivery hogi
Namaste Sir,
Aapki Videos practical ke sath interpretation of law bhi
Hume sikhati hai.
Thanks
Section 43B(h) ke liye mera mat hai ki Registered Person hi MSME hai kyoki MSME Term hi Act se define Hui hai tho hume classification se lekar supplier tk sb MSME Act me hi pdhna caahiye.
Income Tax Act, Micro or Small word ko MSME act se hi refer krta hai.
Applicability of section 43b(h) on Agency commission provision as on 31/3/24 and payment is to made to agent when sale ammount recieved by seller i.e after 31/3/24
Sir your explanation is very clear 🙏🙏
Traders bhi cover honge, unka MOTO yahi h ki chote firm, startups ka paisa jyada time na hold ho,paisa market m puri tareh se ghume.
ji mera bhi yahi opinion h
Aur nhi to kya.. ye harami traders ne market me kachra kar rkha h
i file ITR 4 . do i have to pay before 31st march?
Traders ki koi payment nhi krta toh kya kura ? (Government/private buyer)
100% Agreed, every one covered
Sir how to show the figures in table 14 of gstr 1 if I have some negative sales of any state of past 1-2 months that is adjusted in January so how I show the values
1.the only net sales of january which is total of all marketplaces TCS return value or
2.After Adjusting the negative figues of old month and after subtracting the negative sales
Sir kya me delhi ke msme certificate se rajasthan me bhi business kr sakta hu ya delhi ki hi location pr kr sakta hu bss
If i am register in gst and i have only cash sale . In case if every time whenever i have to make to my supplier , i deposit cash same day and do rtgs of equivalent amount . This is repeatedly done for all the transactions.Is it a voilation of any income tax rule . I have shown cash bills in gst also .
My main business activity is Trading Business[Wholesale and Retail]
buying goods from both Manufacturer and Traders.
Do i need to make payments to Manufacturer within 15/45 days who is registered as MSME[UDYAM]
Yes
No
Sir if any person is traders and his work is only trading work but in MSME certificate mention Mfg words so what should we do ? We have to do payment?
Reply please
sir if someone is Trader and Also Manufacturer does 43(H) APPLICABLE OR NOT
Sir Aadhe se Jyada party toh apna turnover nahi declare karti hai aur 2nd task unse MSME certificate ya Number mangna ya toh declaration mangna difficult hai aur Jaise aapka 2nd opinion hai Chahe woh register ho ya naa ho woh 43B(h) me applicable hoga but unka turnover kaise pata kare? Jab Tak woh samne se declare nahi karega and Last me income tax ye provision pe jor laga Rahi jab k year end aaya atelase Govt ko April se ye mandatory karna chahiye tha so professional ko difficulty na aaye aur logo ko samaj me.bhi aaye kaise prepare rahena hai
Can we change in MSME manufacturing to Traders
Sir me ek msme trader hu aur meine ek msme manufacturing ko material supply kya hai usne 45 days me payment nahi to kya uske income wo add hoga ??
Sir mere opinion se jab tak Income Tax Departments Clear na kar de ki trader cover nhi hote jab tak Safe of sight par hume manna padega ki vo bhi MSME mei cover hote hai
Ji bilkul mera bhi yahi opinion h
government unpaid bill ka income tax kase le sakti hain .Kya unpaid bill hamari income hain kya. Government pagal nahin hain Jo aise income tax le legi. Ye sab confusion CA log paida Kar Rahe hain .please kisi income tax commissioner se is matter ko clear kare
As per memorandum dated 1-09-2021 from office of DC MSME mentioned there in point 2 - In this context, some MSEFCs have been approached by Traders to get the benefits of provisions of delayed payments as per MSMED Act, 2006 available to MSEs. It is clarified that as mentioned in the aforesaid OM, the benefits to Retail and Wholesale trade MSMEs are restricted upto Priority Sector Lending only, and any other benefits, including provisions of delayed payments as per MSMED Act, 2006, are excluded
Its clear that this provision not for TRADERS
Ek question hai ki sir jo party MSME mei registered nhi hai to hume kaise pta chalega ki vo MSME hai agar vo mail par confirmation bhi nhi deti hai to
mere according to sabhi creditor cover honge jinki annual turnover upto 50 cr h chahye wo registered ho ya unregistered.
Ek Question... !!!
Govt. Kaise pata lagaega ke creditors ko uske rs. mile ke nahi ?
Esq bhi sunne me aa raha he ke jiska audit hota he us par most off applicable hoga
Qki ITR m kaise data legi Govt. ??
???
Sir, what about disputed dues.
(i) a micro enterprise, where the investment in Plant and Machinery or Equipment does not
exceed one crore rupees "and" turnover does not exceed five crore rupees; (Sir, please clarify the meaning of "and" , whether traders required plant and machinery or equipment irrespective of turnover criteria)
The traders do do not invest in plant and machinery. This is the qualifying condition for deciding micro small and medium as the fact that they don’t plant and machinery and the value do not appear in balance sheet and PNL account. How can they be considered for the benefit is there not registered under the act of Msme,2006
1 traders march 2024 me 50 lakh cloth kharidta hai MSME TRADERS SE
Wo septemR 2024 TAK KPI PAYMENT NAHI KARTA NA HI CLOTH SALE KARTA HAI
MEANS USKA 2023 24 me
Op stock 0
Purchase 50 lakh
CLOSING STOCK 50 LAKH
Sale 0 hai
NOW WO jab INCOME TAX BHAREGA TO KITNA BHAREGA PLZ COMMWNT
Sir turnover ke saath investment bhi dekhni hain ya nahi. Pls clear.
Hi Sir
Thank you for the providing information.
I have a few confusions that require your assistance.
According to this rule, when is the last date to clear all dues?
31 March
So why government not clarify this . After 2 3 weeks now?
Is there any due date for payment of TDS interest?
I think you had not consider one point of view that traders are exclude from other benefits under MSME act that means traders is also exclude from the time limit of payment specified in section 15. And income tax act Said payment must be made as per section 15 of msme act. And as per sec 15 of msme act time limit of 15 / 45days is for manufacturer or service provider only. Traders will not get the benefits of section 15. So I think sec 43b of income tax act will not aplly in case of traders.
Please refer OFFICE MEMORANDUM - 1/4(1)/2021-P&G/Policy Government of India Office of Development Commissioner (MSME) Ministry of Micro, Small and Medium Enterprises MSME Policy Division E-19630 Nirman Bhavan, New Delhi Dated: 01.09.2021
www.dcmsme.gov.in/scan0052.pdf
Please refer OFFICE MEMORANDUM - 1/4(1)/2021-P&G/Policy Government of India Office of Development Commissioner (MSME) Ministry of Micro, Small and Medium Enterprises MSME Policy Division E-19630 Nirman Bhavan, New Delhi Dated: 01.09.2021
www.dcmsme.gov.in/scan0052.pdf
2 nd question once any assessee exp. Is dis allowed then income of another assessee will be taxable or not in same year
Income for other assess is taxable as it fall under the preview of Sec 28.
No sir..if once exp is disallowed then how u taxed the same to another
Sir.. Ak.. Sarvish. Prowider... 20/.persant...or..materiual..treding.80.persant...karatahe...to..kay.ho.sakta.he
Income Tax department disallowed kar denge expense ko trader vale jab tak unki taraf se clarity nahi aati ki trader cover honge ya nhi MSME mei
Yha bilkul law interpretation h .. definition of enterprise doesn't include traders...second if any assessee not registered in msme then no dis- allowance and third everyone need to understand whether tax portion is dis allowed or not .law said anysum...
In my opinion enterprise ke definition mein trader nai ate...so not covered
Ji toh yeh clarification CBDT kab dega? Year toh almost khatam.
ये व्यापारी और टैक्स प्रोफेशनल का शोषण करने के लिए लाया गया है।
What if the seller doesn’t intimidate about him being msme?!
As per our view it is apply on all creditors
Is it applicable if 1 msme pays to another msme?
Yes
Yes
Govt.khud prepare hai nahi aur Dusro ko bhi prepare nahi hone degi 😂😂😂
🤩
why govt creates so much confusion.why they dont create tab itself on portal.this person is covered
Sir 1.4.23 se pehli ki purchase par bhi lagu hoga ya nahi
Yes bilkul lagu hoga
No it's applicable only from 1.4.23, any outstanding before 1.4.23 will not be disallowed
YES , in my vies its not applicable any outstanding before 1.4.23
@@i-love-banaras
Enterprise ke definition mein trader toh include nai hote
इस ऑफिस मेमोरेंडम से लगता है कि ट्रेडर्स शामिल नहीं है कृपया मार्गदर्शन करें
Pura video dekhiye samjhaya h
Government nind le rhi h ?
Wo clear kiu nhi krti kuch bhi
By simple language. Kyu other law ko refer krti h jb unka lena dena hi nhi ho us law se
Yes clarification jaruri h in points se related
@FINTAXPRO SIR I PURCHASE RAW MATERIALS FROM MY SUPPLIER AND SEND THE SAME GOODS TO JOBWORKERS FOR DYEING AND SELL DYED FABRIC TO MY CUSTOMERS. AM I A MANUFACTURER OR A TRADER. PLZ REPLY
Govt.Pehle se Clerify Kyu nhi kar dete hai Rule ko
Itna Vivadit ho gya hai ye is par abhi tak RUclips par 50 se zyada Video ban chuki hai
Bilkul clarification aana chahiye in important points p.
Hone dijiye naa youtuber ki kamai hogi 😀🙏
Sir aap to Demotivate kar rhe hai, aap khud sochkar dekhiye ki kya ye possible hai 😒
Kya?
Surrender your cop as all your opinion are baseless,pl go through circular by Govt in this matter
If you are talking about Circular 1/2024 it doesn’t provide the clarification on the points mentioned in video.
What is circular number and date you are taking about?
If you don’t know specifics and don’t have guts to hear other POV then shut your mouth 🤫
Who the hell you to decide my points are baseless. Are you serious? I have explained both the POV and reasons behind both the views.
Don’t preach here what should i do or not just because i am not saying what you want to hear.
😂😂😂😂😂
Mal Pani. Are u an Idiot ? U expect him to surrender his cop for his opinion? Then u must eat shit . Cuz ur thoughts are crap !