Adapt to Finance Act 2023: Corporates must ensure timely payments to MSMEs to avoid disallowances under amended Section 43B of the Income Tax Act, effective AY 2024-25.
The Finance Act, 2021 has introduced new section 194Q which will be applicable from 1st July 2021 and is going to impact drastically every business operating in India wrt TDS on purchase transactions. The provisions of new section 194Q require the specific buyer to deduct TDS on the purchase of goods from the resident seller. As per Section 194Q(1), […]
