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Closing Your Books in 2024? Know MSME 45 Days Payment Rule in 2024

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  • Опубликовано: 22 янв 2024
  • Effective from April 1, 2023 (FY 2023-24 & AY 2024-25), Section 43B(h) of the Income Tax Act has been a crucial amendment aimed at ensuring timely payments to Micro and Small Enterprises (MSEs). This section imposes disallowances for delayed payments, impacting the taxable income of the assessee. It is applicable to all types of purchases made from enterprises registered under the MSMED Act, 2006.
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Комментарии • 322

  • @CAGuruJi
    @CAGuruJi  6 месяцев назад +5

    Read more: taxupdates.cagurujiclasses.com/new-section-43bh-of-the-income-tax-act-timely-payments-to-msmes-or-disallowance-of-expense/
    ________________________________________________
    💁🏼 Learn GST, Income Tax, ITR, Accounting, Tally, Trademark, TDS Returns: cagurujiclasses.com
    📞 Call at 9150010400 (only for courses)
    _______________________________________________

    • @jitender-gt9sl
      @jitender-gt9sl 6 месяцев назад

      Aaaa😂a😂qZqz😂aq😂q😂qaaq😂pl
      Ljj😊

    • @rajneesh7367
      @rajneesh7367 5 месяцев назад

      Agreement kaise karna hain ?

  • @sharmanarayan2726
    @sharmanarayan2726 6 месяцев назад +2

    धन्यवाद जी आपने हमारे मेसेज को घमभीरता से लिया और वेदियो बनाकर सरल भाषा मे समझाने का प्रयास किया।

  • @nidhivegad8092
    @nidhivegad8092 6 месяцев назад +2

    This explaintions is worth . We need such examples to understand this

  • @sandeepkumaragarwal9820
    @sandeepkumaragarwal9820 6 месяцев назад +2

    All traders association should come along and strike....Because traders receive payment from customers like 4 months 6 months....and traders have to pay to their supplier within 15 days or otherwise have to pay heavy interest on dues...this is unjustice to traders....

  • @vikramthakur613
    @vikramthakur613 6 месяцев назад +1

    Thank you mam, your examples give complete clarity.

  • @prathameshbile5865
    @prathameshbile5865 6 месяцев назад +3

    Very well explained....Thank You so much ma'am!

  • @surjeetray7095
    @surjeetray7095 6 месяцев назад +1

    it is very useful madam we are thankful to you god blesss you

  • @VIVEKSINGH-jz2bi
    @VIVEKSINGH-jz2bi 6 месяцев назад +8

    I paid fees for GST query last week but this channel not provide me proper reply. So I experienced that this is fake. Not suggest this is fare.

  • @rohanbrahmbhatt2633
    @rohanbrahmbhatt2633 6 месяцев назад +2

    This is complicated..my query is ,in a manufacturing unit it takes months to become a product and sale it...lets take an example of jeans..process takes 50 days from buying the fabric to ready to sale..how do they expect manufacturer to pay for the same.

  • @sriramraksha9789
    @sriramraksha9789 5 месяцев назад

    Excellent Madam, Thanks alot it's Very much helpfull

  • @akshayverma2940
    @akshayverma2940 4 месяца назад +1

    Thankyou so much mam😊😊😊

  • @Aky303
    @Aky303 4 месяца назад

    Thank you Ma'am for guidance 😊

  • @vijayjaria9721
    @vijayjaria9721 6 месяцев назад

    Thank you For importent information.

  • @ArunSingh-wl8ml
    @ArunSingh-wl8ml 6 месяцев назад +2

    Thanks mam, Hume update rakhne ke liye😊😊

  • @sanalyasir8118
    @sanalyasir8118 6 месяцев назад +1

    VERY VERY NICELY EXPLAINED GOOD WORK KEEP IT UP

  • @ashutoshbrahminofficial1052
    @ashutoshbrahminofficial1052 5 месяцев назад

    Bahut hi achha se clear ho gya ma'am

  • @mohdmasi9722
    @mohdmasi9722 5 месяцев назад

    Very informative video, thanks mam

  • @ashutoshbrahminofficial1052
    @ashutoshbrahminofficial1052 5 месяцев назад +1

    Kya ma'am isme 5 crore ke under bale business man. Bhi ayenge ?

  • @himadrisubhradas
    @himadrisubhradas 6 месяцев назад

    nice and easy description

  • @sureshfale7248
    @sureshfale7248 6 месяцев назад +1

    Thanks ma'am very good explanation given

  • @STOCKSTIME-hl1nw
    @STOCKSTIME-hl1nw 5 месяцев назад

    very nice

  • @caprashantkhandelwal558
    @caprashantkhandelwal558 6 месяцев назад

    Very Nicely explained

  • @myheroisdr.ambedkar4610
    @myheroisdr.ambedkar4610 6 месяцев назад +18

    Now big players will not buy any goods from Micro and Small businesses players, my god save india

    • @shashankMittal
      @shashankMittal 6 месяцев назад +6

      Bevakoof Big players hold payment which they use for there own purpose. If small player will get payment timely he will use that money for faster roation of business.

    • @ravishukla7573
      @ravishukla7573 6 месяцев назад +2

      ​@@shashankMittalare thek h wo bde player h jo payment rokte hain..
      Lekin hm jaise small seller ka kya hoga sir...
      Phle 20 25 lakh ka mal late the aur surat n vyapari ko dhere dhere payment krte the... Jaise jaise hmari sale hoti thi...
      Par ab 45 din m kha s poora payment de payege... Hm to barbaad ho gye😢

    • @anandraj2452
      @anandraj2452 5 месяцев назад

      ​@@ravishukla7573inko wo sb se kya lena dena inko to sirf bjp ko support karna hai bas.

    • @neel7111
      @neel7111 5 месяцев назад +1

      I'm sure you're not businessman.​@@shashankMittal

    • @vishalloomba3571
      @vishalloomba3571 5 месяцев назад

      Businessman is very happy... Their capacity to make material will grow so...

  • @sainimanveer0558
    @sainimanveer0558 6 месяцев назад

    Thanks ma'am, your all videos are useful for me .

  • @surindernarang1216
    @surindernarang1216 6 месяцев назад +1

    Thanks for simple

  • @arunlakhanpal2578
    @arunlakhanpal2578 6 месяцев назад

    I wish govt would have given incentive to big players to buy goods and make payment fast to MICRO business. Now will have to open another account without registration.

  • @abhinchhabra
    @abhinchhabra 3 месяца назад

    Why is invoice date considered for adding 45 days ? Shouldnt it be goods receipt date !

  • @vinayraj1129
    @vinayraj1129 6 месяцев назад

    Very informative video thanks

  • @AmitGupta-sg5tg
    @AmitGupta-sg5tg 5 месяцев назад

    Thanks informative video 🙏

  • @shreyanshjain7673
    @shreyanshjain7673 6 месяцев назад

    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

  • @ShriRangNatural
    @ShriRangNatural 6 месяцев назад

    Very nice perfect information thanks 🙏

  • @rajendrakanade1066
    @rajendrakanade1066 4 месяца назад

    धन्यवाद,Mam

  • @sushilsharma694
    @sushilsharma694 6 месяцев назад +2

    Thanks ma'am

  • @vijaykumarjain3222
    @vijaykumarjain3222 6 месяцев назад

    Nice video mam ,it's really helpful and knowledgeable

  • @ashokchandchajed3958
    @ashokchandchajed3958 6 месяцев назад

    Well explained.Thank u

  • @himanshuk6199
    @himanshuk6199 5 месяцев назад

    Ever since this rule was announced my orders are getting canceled and are moving to big companies. I do not understand weather this rule is for betterment or bitterment of MSME??

  • @fintaxshorts
    @fintaxshorts 6 месяцев назад +1

    Loved the explanation and examples!

  • @babaloochauhan404
    @babaloochauhan404 6 месяцев назад

    bahut babut dhanyavad

  • @rahuldas5969
    @rahuldas5969 5 месяцев назад

    Thank you very much

  • @mohanpatel8155
    @mohanpatel8155 6 месяцев назад

    Formate of agreement for 45 credit days under 343B[H]

  • @sachindimble3536
    @sachindimble3536 5 месяцев назад

    God blessed india

  • @akshaywagh3154
    @akshaywagh3154 6 месяцев назад

    Thank you so much Ma'am 🙏

  • @ashokkatarmal5161
    @ashokkatarmal5161 4 месяца назад

    What if I had purchased on 01-05-23 and paid on 30-09-23 does this attract interest , if there is op. balance 1,00,000 /- what will be the basic for interest ? (as there are all giving example from 01-01-24, not before it)

  • @sanjaygoodluck2061
    @sanjaygoodluck2061 6 месяцев назад +1

    As per various deliberations and discussions made, provision regarding payment within 45 days is *not applicable* for purchases made from suppliers who are *exclusively* engaged only in *trading*
    The provisions regarding payment within 45 days is *applicable only to suppliers engaged in manufacturing or providing services*

    • @vipulshah3804
      @vipulshah3804 6 месяцев назад +1

      Sir, this your answer is really helpful for us who are in trading, but it's really sad that we have to depend on " discussion" as you said here, means why there is no clarity?
      If it's clearly told then lakhs of small traders/supplier like us can have proper clarity about law.
      If you can get more clarity then please let us know, to make sure about this law. Bcoz through the year we had made payment to our creditors as per mkt credit set since many years. Now we are in tension. No one has informed about this law since almost this year passed.

  • @nitheeshgowdad2912
    @nitheeshgowdad2912 6 месяцев назад +1

    Medam please prepare co operative society Accounts finalization video

  • @Ravi-em2wd
    @Ravi-em2wd 4 месяца назад

    Cheque issued but deducted in bank next financial year

  • @sainilokesh618
    @sainilokesh618 6 месяцев назад +2

    Ma'am thank you so much for the information. Please tell us about medium enterprises

    • @CAyashpanjwaniji
      @CAyashpanjwaniji 6 месяцев назад +1

      Medium isme cover nhi hote h

    • @sainilokesh618
      @sainilokesh618 6 месяцев назад +1

      @@CAyashpanjwaniji Thank you so much for the reply 🙏

    • @CAyashpanjwaniji
      @CAyashpanjwaniji 6 месяцев назад +1

      @@sainilokesh618 wlcm friend 🤞

  • @vikaskausik7240
    @vikaskausik7240 6 месяцев назад

    Thanks Madam g 🙏🙏

  • @nitishkaushik1918
    @nitishkaushik1918 4 месяца назад +1

    Ma'am ye law to 01-4-24 se applicable hai na to March closing se kya matlab

  • @VijayKumarIndian-09
    @VijayKumarIndian-09 6 месяцев назад +3

    🙏 नमस्ते मैडम आपके पेज पर कोई फॉर्मेट है एग्रीमेंट का है तो कृपा करके मुझे बता दे और क्लाइंट कैसे पेमेंट न होने पर कैसे अपने पैसे निकाल सकता है दूसरे क्लाइंट से।

  • @chawdemramprasad9236
    @chawdemramprasad9236 6 месяцев назад

    Thank you🙏

  • @rahulbapna1628
    @rahulbapna1628 5 месяцев назад

    If supplier's turnover is 10 cr, but if he is not registered in MSME ACT than also the act will be applicable

  • @kulbishtvlogs
    @kulbishtvlogs 5 месяцев назад

    Thank you Ma’m

  • @jeffpereira4200
    @jeffpereira4200 6 месяцев назад

    Very clear Mam🤗

  • @anjalikolte257
    @anjalikolte257 6 месяцев назад +2

    Is it applicable only in the audit case?

  • @vijaymeka8393
    @vijaymeka8393 6 месяцев назад

    क्रेडिटर का पेमेंट 45-90 डेज में अगर पेमेंट करते है तो उस परचेस को इनकम में एड कर दिया जाएगा
    वैसेही डेब्टर्स हमारा पेमेंट 45-90 डेज में करता है तो उसे भी एक्सपेंसेस में एड करना चाहिए ।

  • @prosenjitsil7484
    @prosenjitsil7484 6 месяцев назад +1

    Mam any update regarding GST for including all bank account details in portal

  • @user-nu8vi3tf6k
    @user-nu8vi3tf6k 6 месяцев назад +1

    If im not wrong, i understand that, if myself is registered under medium scale then also i have to make payments to all my small and micro suppliers before 15 days if no agreement or within 45 days if agreement
    ... pls confirm

    • @sheetalbisht-tr1hy
      @sheetalbisht-tr1hy 6 месяцев назад

      Kya msme certificate cancel kar skte h?

    • @Googlelaw
      @Googlelaw 6 месяцев назад

      ​@@sheetalbisht-tr1hyha kar sakte hai

    • @Googlelaw
      @Googlelaw 6 месяцев назад

      You are right sir

    • @user-nu8vi3tf6k
      @user-nu8vi3tf6k 6 месяцев назад

      @@GooglelawThank you

  • @kannojiaravi121
    @kannojiaravi121 6 месяцев назад +1

    Sir hamara debtor agar timely payment nh kar h aur wo interest bhi nh de rh h to msme me kaha complaint kar skte h ya fir kya option h aise cases me

  • @ghylrush5783
    @ghylrush5783 6 месяцев назад +1

    Madam har din ek ek naya section aata hey kinta study koru Kam Jada ho gaya lekhin party ki fees increase Nehi hua

  • @cahardikpatel7647
    @cahardikpatel7647 6 месяцев назад

    GD NOON MADAM , Do YOU have an idea of SC hearing of Supreme Court notice on Mrityunjay Kumar’s challenge to CGST Act Section 16(4) WHICH WAS TO BE HEARD ON 5-2-2024 ? ANY UPDATE ON THAT ? . WHETHER IT WAS DECESION IN FAVOUR OF TAX PAYER OR AGAINST TAX PAYER ?

  • @sandipbubunmaji178
    @sandipbubunmaji178 2 месяца назад

    Suppose i have msme certificate. Now i have given a bill of certain amount to someone. Now he have to pay me that bill amount within 45 days ... Other wise that will be considered as that person's income or my income? And how will it be decided that 45 days is over and this will be considered as someone's income? How will govt. Know this?

  • @ramanavenkata9305
    @ramanavenkata9305 6 месяцев назад

    Very good

  • @adityatraders681
    @adityatraders681 6 месяцев назад

    Nice Explain

  • @user-og3sm8lj9b
    @user-og3sm8lj9b 6 месяцев назад

    But is it compulsary to auditer or CA to disallow

  • @deepaknegi3328
    @deepaknegi3328 6 месяцев назад

    ❤❤❤thanks for the very good update mam ❤❤❤

  • @neel7111
    @neel7111 5 месяцев назад

    Is verbal agreement valid ? For example verbal agreement for payment is 30 days.

  • @neerajprasad4293
    @neerajprasad4293 6 месяцев назад

    Those who supply in hospital and do not get payment on due date ?

  • @mahendarreddy9862
    @mahendarreddy9862 6 месяцев назад

    Thank you madem ji

  • @harshmehta7932
    @harshmehta7932 5 месяцев назад

    Mam what about old outstanding before 1st april 2023 ? Do we have to clear that first ? It is based on fifo or what, or do injust clear current year outstanding?

  • @kumarpillai8380
    @kumarpillai8380 6 месяцев назад

    Explained very good but if suppose a creditors register recently after budget annoucment. Then what about his previous bills issued before his registration. What will be the position. Can u expalin

  • @ssyam1
    @ssyam1 6 месяцев назад

    What about if my any debtor pay me on acccount not invoice wise

  • @ibrahimkhan-sd7kt
    @ibrahimkhan-sd7kt 6 месяцев назад

    What is the procedure for claiming amount & complaining to RBI ??. Please clarify

  • @vikaskamble5487
    @vikaskamble5487 6 месяцев назад

    Thanks Madam

  • @anjalijain4626
    @anjalijain4626 6 месяцев назад

    Ma'am useful information thanx..but what can seller action if buyer not pay ontime

  • @user-ye4oh7pr8g
    @user-ye4oh7pr8g 6 месяцев назад +1

    Society hone per bhi 43 applicable hoga

  • @kinjalsurve6769
    @kinjalsurve6769 6 месяцев назад

    do you mean that the credit period allowed on tax invoice is that we call agreement???

  • @PunjabiNavigator
    @PunjabiNavigator 6 месяцев назад +1

    Traders ismein aa gaya ke nhi. Kuonki. Enterprise ki definition kuch aur hai. So plz clarify traders se purchase ka kya.
    Section 2 clause e . Only manufacturer coming or traders bhi

    • @CAyashpanjwaniji
      @CAyashpanjwaniji 6 месяцев назад +1

      Traders msme main register hosakte h but koi benefit nhi milega isliye traders se purchase per applicable nhi hona chahiye only small or micro enterprise bhale wo msme m ho ya nhi

  • @Kpankaj1307
    @Kpankaj1307 6 месяцев назад +1

    Ma'am... Debtors ke liye kya rules ??

  • @debiprasadpanda5807
    @debiprasadpanda5807 6 месяцев назад

    Respected Madam, Our creditor is registered under msme small category but, not a manufacturer. Only a trader. We have no agreement with them for supply of goods. In this case will we have to pay within 15 days?

  • @vivekverma5286
    @vivekverma5286 6 месяцев назад

    Chhote Businessman marega. Specially government contractors.

  • @shownmj
    @shownmj 6 месяцев назад +1

    If purchase from traders is included in MSME... Or only include the manufacturers and services sector..

  • @vijayhanchinmani.9286
    @vijayhanchinmani.9286 6 месяцев назад

    There is core of outside there is they pay with in end of this year's.

  • @karangupta8250
    @karangupta8250 5 месяцев назад

    Is it applicable on non taxable purchase or not ?

  • @AshishKumar-sp5rx
    @AshishKumar-sp5rx 6 месяцев назад +2

    mam is applicable only mfg. service not trading concern

    • @CAyashpanjwaniji
      @CAyashpanjwaniji 6 месяцев назад

      Practical sabhi manlo otherwise kuch bhi ho sakta h end m

  • @piyushmistry6779
    @piyushmistry6779 6 месяцев назад

    Hi Thanks for the explanation on 43bh -- Have one query -- While verifying the udyam registration on the portal, the classification shown for FY 21-22 and 22-23 and not shown for 23-24, so still the registration is valid?

  • @palseva
    @palseva 6 месяцев назад +1

    is it applicable for presumptive business u/s 44AD, 44ADA and 44AE

  • @anandrathod9180
    @anandrathod9180 5 месяцев назад

    I am MSME registered, I m exporter, what if not received remittance within 45 days. What happen now?

  • @rohanhebbare8164
    @rohanhebbare8164 6 месяцев назад +1

    I'll cancel my gst and I'll do some job.

    • @axzzie
      @axzzie 6 месяцев назад

      Yes you should, if you cant take the heat then get out of the kitchen

  • @nikhilparekh9013
    @nikhilparekh9013 6 месяцев назад

    How to know the creditor is trader or manufacturer?

  • @kamtagautam9375
    @kamtagautam9375 4 месяца назад

    Mam 1/4/23 se Jo purchases hai sirf unka hi payment 31/3/24 tak karna hai ya purane outstanding ka bhi payment 31/3/24 tak karna hai ?

  • @amitabhnegi
    @amitabhnegi 6 месяцев назад +1

    Manufacturers service providers and traders are they all covered under MSME or only manufacturer and service providers are covered. Pls reply

    • @CAyashpanjwaniji
      @CAyashpanjwaniji 6 месяцев назад

      Traders excluded h.but koi clarification nhi h

  • @amanjotsingh768
    @amanjotsingh768 6 месяцев назад

    We take advances 3 months before billing designer fabrics.
    How will than these ADVANCES BEFORE CARRIED FORWARD TO NEXT FINANCIAL YEAR '2025

  • @VijayPatil-vg1zd
    @VijayPatil-vg1zd 6 месяцев назад

    Ex
    Please solve below case
    On 31St March 2024 made provision for service received from MSME Service provider.
    Tax invoice received on 1St June 2024
    Payment made on 1St June 2024
    IT return filed on 31St July 2024
    In which FY disallowance will take place

    • @CAyashpanjwaniji
      @CAyashpanjwaniji 6 месяцев назад

      Jis year payment kroge us year m allow hoga bus 31st March k pehle man lo krloge to 31st March Tak sare purchase allow ho jayenge per agar 31st March k baad us year ka kroge to 31st March Tak allow hi nhi hoga us pure year m

  • @agrwalpankaj
    @agrwalpankaj 6 месяцев назад

    Madam, if sum payable is not beyond the time limit as on 31-March 2024, it will be deductible in FY 2023-24 only as per normal provisions.

  • @snehasishmohapatra7370
    @snehasishmohapatra7370 6 месяцев назад

    But Madam when I browse the IT website for the bareact it clearly states that clause (h) shall be inserted after clause (g) in Sec 43B by Finance Act ,2023 w.e.f 01-04-24 . Does it mean it is applicable for Fy 2024-25?
    Now when the clause itself is not inserted during FY 2023-24 how the same shall be applicable for FY 2023-24.PLZ Clarify this.

  • @designcompany5898
    @designcompany5898 6 месяцев назад

    What will happen if that purchase is not part of "Cost of goods Sold" but a part of closing stock ?
    I am asking because since it is not a part of my COGS, hence I have not taken deduction against it, so why it will be added to my net profit ??

    • @rishikhetan3533
      @rishikhetan3533 6 месяцев назад

      Even though it does not form part of COGS, Section 43B(h) will be applicable

  • @gouravahuja1547
    @gouravahuja1547 6 месяцев назад

    I have a medium enterprise and I am a trader. Am I applicable to pay to my creditors in 45 days who comes under small enterprise category (Manufacturer)?

  • @debiprasadpanda5807
    @debiprasadpanda5807 6 месяцев назад +1

    Respected Madam, 45 days or 15 days will be calculated from invoice date or actual receipt of goods by the buyer ? Because Transit period in transport is there.

    • @ShoebHasan
      @ShoebHasan 6 месяцев назад

      Invoice date

    • @debiprasadpanda5807
      @debiprasadpanda5807 6 месяцев назад +1

      ​@@ShoebHasan
      Dear Sir, then it is a loss to buyer, because if transportation takes more than 15 days then buyer will have to pay without receipt of goods. Again, if buyer makes invoice but actual delivery from the buyer end to transport will be late, it will also a loss to buyer.

    • @ShoebHasan
      @ShoebHasan 6 месяцев назад

      @@debiprasadpanda5807 yes

    • @ahead9645
      @ahead9645 6 месяцев назад

      From the date of acceptance , clearly written in Section 15 which is date of delivery

  • @Nitesh4123
    @Nitesh4123 6 месяцев назад

    Whst if payment is to be received from an individual to whom audit is not applicable. Will this apply ?