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).
The applicability of Clause 15/45 under the MSME Act and Section 43B(h) of the Income Tax Act needs careful evaluation, as outstanding creditor balances related to MSME suppliers may attract disallowance if payments are not made within the prescribed time limits during FY 2023–24, much like how players must carefully manage timing and strategy in Retro Bowl to avoid costly mistakes.
Interesting case! For a doctor's private hospital, ensuring accurate records is crucial. Besides standard ITR filing, documenting all medicine and equipment purchases thoroughly is vital. Managing that 60 lac outstanding balance is key – detailed creditor records are essential for justification during a tax audit. Reminds me, sometimes handling finances feels like solving a difficult wordle unlimited. Any insights on specific depreciation methods used for medical equipment?
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