A Doctor maintained a private hospital tax audit itr filed every year purchase of medicines and material and equipment repayment outstanding balance as on dt:31-03-24 rs:60 lacs in books creditors balance
Question:
1.Repayment clause 15/45 in msme act and sec 43 b (h)both provisions applicable in it act.
2.f.y.23-24 applicable sec 43
B(h).
Hello geometry dash meltdown,
1. Yes. Section 15 prescribes payment deadlines of 15 days without a written agreement or up to 45 days with an agreement. Section 43B(h) governs the income-tax deduction for delayed payments to qualifying micro and small enterprises.
2. Yes. It applies from FY 2023–24 (AY 2024–25). The ₹60 lakh outstanding creditor balance as at 31 March 2024 is not automatically disallowed; the supplier's MSME status and invoice-wise payment deadlines must be checked.
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