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Question ID : 44605

082701

Goods purchased from MSME .Payment made after 90 days but within same financial year. What will be affect in view of Sec 43 B(h) After Tax auditor pinpoints this whether Interest payment will be payable @three times of bank rate

Posted by Mahesh Kumar on Feb 06, 2024

Filed Under DIRECT TAXES

Answer ID : 85312

Allowed. Whether u r auditor or auditee? no interest

Posted by SURAJ KUMAR CHOUDHARY on Feb 07, 2024
Answer ID : 85316

If the payment is made within same financial year, it will not be disallowed under section 43B(h). Interest on late payment is payable at three times or rate specified in agreement whichever is higher as per the MSME Act.

Posted by CA. chunauti dholakia on Feb 07, 2024
Answer ID : 85317

Sec 43 B(H) applicable only on payment outstanding on 31st march. Therefore, no disallowance if paid late during the year.

Posted by SHUBHAM SONI on Feb 09, 2024