Forum Income-Tax Income Tax Rules 143 ( B )

Income Tax Rules 143 ( B )
Paresh Badrakiya
watch_later 07/03/24

Explain The Rules of IT ACT 143 ( B ) 

2 Responses | Latest response: 01/10/26 | Sort by Likes(thumb_up) Recent | Income-Tax Reply
GST Payer
watch_later 18/03/24
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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:

  1. Applicable only if supplier is a manufacturer or service provider
  2. Payment to be made within 15 days without any agreement or 45 days if agreement is made
  3. If any balance remaining on 31 March will be disallowed if not paid within due dates.
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Blair BLuna
watch_later 01/10/26
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This is a clear explanation of the payment rules for MSMED registered suppliers.

Payment should be made within 15 days, or within 45 days when an agreement is made.

Some important points for MSMED suppliers are:

  1. The rule applies to manufacturers and service providers.
  2. Payment must be made within the specified 15-day or 45-day period.
  3. Any unpaid balance remaining on 31 March may be disallowed if it is not paid within the applicable due date.
Reply
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