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Under the law - section 43B(h) of the Income Tax Act - whose impact would be felt for the first time this year, a business entity failing to pay its vendors registered as `micro or ‘small (MSE) within 45 of delivery, would not get the deduction of its purchase in the year of the purchase but can claim the deduction only in the year of ‘actual payment. Thus, deduction disallowance for unpaid outstanding would increase the taxable income and tax of companies for FY24. ....
The new law under Section 43B(h) of the Income Tax Act, which mandates payment to micro and small enterprises (MSEs) within 45 days of delivery to claim deductions, is causing concern and leading to various strategies by businesses and vendors to mitigate its impact. Some companies are attempting to avoid the law s impact by sending letters to vendors without expecting responses, while others are issuing post-dated cheques or raising objections within 15 days of delivery to delay payment obligations. ....
The new law under Section 43B(h) of the Income Tax Act, which mandates payment to micro and small enterprises (MSEs) within 45 days of delivery to claim deductions, is causing concern and leading to various strategies by businesses and vendors to mitigate its impact. Some companies are attempting to avoid the law s impact by sending letters to vendors without expecting responses, while others are issuing post-dated cheques or raising objections within 15 days of delivery to delay payment obligations. ....
Many were, and some still are, oblivious of the price of not disclosing overseas stock options which have been vested but not exercised, ongoing retirement schemes like 401(k) in the US, and beneficial interests in offshore companies. ....
Indore: Law Grants Rights Of Succession In Properties To Women: Dafria freepressjournal.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from freepressjournal.in Daily Mail and Mail on Sunday newspapers.