Explain The Rules of IT ACT 143 ( B )
This rule is regarding payment to MSMED registered suppliers.
Payment has to be made within 15 days or 45 days if agreement is made.
Some main points for MSMED suppliers are:
- Applicable only if supplier is a manufacturer or service provider
- Payment to be made within 15 days without any agreement or 45 days if agreement is made
- If any balance remaining on 31 March will be disallowed if not paid within due dates.
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