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Financial Fitness- Ensuring Financial Stability Through Timely Payments In MSE

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Book Details
TitleFinancial Fitness- Ensuring Financial Stability Through Timely Payments In MSE
ISBN978-93-340-3431-8
EditionEdition 1st
Pages354
AuthorsCA Manoj Lamba and CA (Dr) Raj chawla
Publisher CA Manoj Lamba

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Description

Discover “Financial Fitness,” the guide to ensuring financial stability through timely payments in MSEs. This book covers tax laws, MSE payments, compliance measures, and more, with detailed chapters, contents, and page references. Grab your copy now for insights into optimizing financial health! authored by CA Manoj Lamba and CA (Dr) Raj Chawla.

Financial Fitness: Ensuring Financial Stability through Timely Payments in MSE

“Financial Fitness” is a comprehensive guidebook authored by CA Manoj Lamba and CA(Dr) Raj Chawla, aimed at providing a detailed understanding of Section 43B(h) of the Income Tax Act, 1961. This book serves as a valuable resource for individuals and businesses, particularly Micro and Small Enterprises (MSEs), seeking to enhance their financial stability through timely payments.

The primary objective of “Financial Fitness” is to elucidate the significance and implications of the amendment to Section 43B(h) of the Income Tax Act, 1961. This amendment was introduced with the aim of ensuring timely payments to MSEs, thereby safeguarding their financial interests and promoting their overall stability. By providing a comprehensive guide on this amendment, the authors aim to empower readers with the knowledge and tools necessary to navigate the intricacies of tax compliance related to payments to MSEs.

Key Features:

Practical Examples: The book is enriched with numerous practical examples illustrating the application of Section 43B(h) in various scenarios. These examples help readers understand the practical implications of the amendment and its relevance to real-world situations.

Multiple-Choice Questions (MCQs): To facilitate interactive learning, “Financial Fitness” includes MCQs at the end of each chapter. These MCQs not only reinforce key concepts but also aid in self-assessment and preparation for examinations or assessments related to tax compliance.

Numericals: Complex numerical problems related to Section 43B(h) are presented in a simplified manner, allowing readers to practice calculations and gain proficiency in applying the provisions of the Income Tax Act.

Case Studies: The inclusion of detailed case studies offers readers insights into how businesses can effectively manage their tax obligations while ensuring compliance with the provisions of Section 43B(h). These case studies provide practical insights and solutions to common challenges faced by MSEs.

Flowcharts: Complex processes and procedures are simplified through the use of flowcharts, providing readers with a visual aid to understand the sequential steps involved in complying with the provisions of Section 43B(h).

Colorful Design and Meaningful Pictures: The book’s visually appealing design, complemented by meaningful pictures, enhances readability and engagement. Colorful illustrations and graphics are strategically used to break down complex concepts and make the content more accessible to readers.

Conclusion: “Financial Fitness” stands as a testament to the diligent efforts of CA Manoj Lamba and CA(Dr) Raj Chawla in demystifying the provisions of Section 43B(h) of the Income Tax Act, 1961. Through its comprehensive coverage, practical examples, MCQs, numericals, case studies, and visually appealing design, the book serves as an indispensable guide for individuals and businesses striving to achieve financial stability through timely payments in MSEs. It not only educates but also empowers readers to navigate the intricacies of tax compliance with confidence and proficiency.

INDEX

ChapterContentsPages
1INTRODUCTION TO SECTION 43B (h) OF INCOME TAX ACT 19611 – 14
2WHETHER TRADERS ARE LIABLE FOR DISALLOWANCE U/S 43B (h)?15-35
3Whether UDYAM REGISTRATION is Mandatory or Not?36-46
4APPLICABILITY OF SECTION 43B(h) ON TAXPAYERS FOLLOWING PRESUMPTIVE TAXATION SCHEME U/S 44AD/44ADA/44AE?47-59
5Will the GST component be disallowed if the sum payable to MSE attracts Section 43B(h) disallowance?60-66
6WHETHER terms mentioned on the invoice or purchase order SHOULD be treated as an agreement?67-83
7WHICH ENTERPRISE ARE COVERED UNDER MICRO AND SMALL ENTERPRISE?84-96
8Calculation of Turnover and Investment for Classification of MSME97-109
9WHAT IS TIME LIMIT PRESCRIBED FOR MAKING PAYMENT UNDER SECTION 15 OF MSMED ACT 2006?110-118
10What is meant by the terms “the Appointed Day”, “the day of acceptance”, and “the day of deemed acceptance”?119-127
11Whether Section 43B(h) disallowance will also apply with respect to the amounts due towards the purchase of Capital Goods?128-134
12Can disallowance under Section 43B(h) be made while computing book profit for MAT purposes?135-142
13Will Section 43B(h) apply to fees payable to a CA firm?143-151
14If the assessee follows a cash system of accounting, it will not hit by section 43B(h) of Income Tax Act-1961?152-157
15What if any charitable trust is making payment to an MSME? Will Section 43B(h) apply?158-164
16Are old outstanding dues to Micro and Small Enterprises (MSE) as of April 1, 2023, or any earlier period subject to disallowance under section 43B(h)?165-170
17Issue for consideration Section 43B of the Income Tax Act provides that certain deductions shall be allowed only in that previous year in which the specified sum is actually paid, irrespective of the previous year in which the liability to pay such sum was incurred according to the method of accounting regularly employed by the assessee.171-187
18How the various payment made to micro and small enterprises are appropriated while calculating the disallowance under section 43B(h) of Income Tax Act-1961?188-197
19Effective Date of Payment in case Payment by Cheque198-205
20STATUTORY VS CONTRACTUAL DUES206-212
21Whether disallowance under section 43B(h) in respect of outstanding dues to micro and small Enterprise would amount to deferred Tax Asset and required consideration in financial statements?213-220
22Whether provisions appearing in balance sheet as on 31-03-2024 in respect of certain deduction/ expenses in respect of audit fee, legal fee, accounting charges etc are liable for disallowance under section 43B(h) of income Tax Act-1961?221-227
23How can an assessee identify that his supplier is a micro or small enterprise?228-237
24Whether interest under section 16 of MSMED Act 2006 is mandatory or optional?238-250
25Amount of Interest inadmissible under section 23 of the Micro, Small and Medium Enterprises Development Act, 2006 [Clause 22 of Form No.3CD for Tax Audit u/s 44AB of Income Tax Act-1961]251-265
26Changes in Indian Income Tax Return to Give Effect to Amendment of Section 43B(h) of Income Tax Act, 1961266-275
27Comprehensive Analysis of Amendments to Form 3CD Regarding Delayed Payments to MSEs276-288
28Reporting Requirement as per Revised Schedule III of Companies Act, 2013, Regarding New Aging Schedule of Creditors and Its Impact on Calculation of Disallowance under Section 43B(h) of Income Tax Act, 1961, and Payment of Interest under Section 16 of MSMED Act, 2006289-293
29Whether section 43B(h) disallowance also applicable on purchases directly debited to stock in trade or purchase lying in stock in trade at Year end ?284-296
30Whether Disallowance under Section 43B (h) reversible in the year of actual payment ?296-304
31What if the due date for payment falls on a public holiday or national holiday? Would a payment made on the next working day be considered effective for the purposes of Section 43B(h) of the Income Tax Act, as well as for Sections 15, 16, and 23 of the Micro, Small and Medium Enterprises Development (MSMED) Act?305-306
32OPPORTUNITIES FOR PROFESSIONALS AND BUSINESSES307-309
33Auditor’s role in ensuring compliance with Section 43B(h) of the Income Tax Act-1961310-312
34Whether issue of equity shares or debentures to Micro and Small Enterprise (MSE) suppliers will amount to Actual Payment ?313-316
35Case Study317-330

Additional information

Publisher

Manoj Lamba

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