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
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