Income Tax - Hello readers, Today I will discuss two Important Amendments made in the Union Budget out of 122 amendments as all amendments in one article not easy to digest Article explains Rationalisation of exempt Income under life insurance policies and payments to Micro and Small Enterprises (MSEs) under section 43B of Income Tax Act, 1961 1. [&...
Read MoreIncome Tax - The Union Budget 2023-24 is a well Balanced People’s Budget. It has put inclusive development at the heart of the country’s economic agenda by focusing on and facilitating ample opportunities for citizens to fulfil their aspirations, providing a strong impetus to growth and job creation and ensuring that the benefits reach the last mi...
Read MoreIncome Tax - As the budget announced by our Hon’ble Finance Minister on 1st February, 2023, everyone is asking what is for MSME in this budget. Here is all that you should know – 1. MSMEs get Rs. 9,000 Crores corpus for revamped credit guarantee scheme. 2. There is common practice by biggest players in industry to made […]...
Read MoreIncome Tax - MICRO AND SMALL ENTERPRISES – DISALLOWANCE UNDER SECTION 43B The Government has been taking various steps to protect the interest of Micro and Small enterprises under the MSMED act which interalia includes time limit for the payment, interest for the delayed payment and fast tract redressal system by name MSME Samadhan scheme etc. The P...
Read MoreIncome Tax - Section 43B(h) any sum payable by the assessee to a micro or small enterprise beyond the time limit specified in section 15 of the Micro, Small and Medium Enterprises Development Act, 2006 shall be allowed as deduction only on actual payment....
Read MoreIncome Tax - Large Companies must take responsibility to handhold MSMEs, help them adapt best practices and integrate them into the supply chain ecosystem: Shri Goyal at Fourth Plenary session of B20 India Inception Meeting To become a trusted and resilient partner in global value chains, Government is focusing on creating an enabling ecosystem, that ...
Read MoreIncome Tax - GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS LOK SABHA UN-STARRED QUESTION NO. 2374 ANSWERED ON MONDAY, August 1, 2022/ Sravana 10, 1944 (SAKA) COMPLIANCE OF MCA RULES QUESTION 2374. SHRI D.M. KATHIR ANAND: SHRI ANURAG SHARMA: Will the Minister of CORPORATE AFFAIRS be pleased to state: (a) whether the Government has received any comp...
Read MoreIncome Tax - Government has launched a World Bank supported Central Sector Scheme called Raising and Accelerating MSME Performance (RAMP). The scheme aims at strengthening institutions and governance at the Centre and State, improving Centre-State linkages and partnerships and improving access of MSMEs to market and credit, technology upgradation an...
Read MoreIncome Tax - Central Government has approved New Guidelines of Central Sector Scheme Promotion of MSMEs in North Eastern Region and Sikkim....
Read MoreIncome Tax - Government has approved New Guidelines of Micro & Small Enterprises Cluster Development Programme (MSE-CDP), which will be implemented during 15th Finance Commission Cycle(2021-22 to 2025-26)....
Read MoreJ.K. Council for Social Welfare And Information Technology Vs CIT (Exemption) (ITAT Amritsar) - J.K. Council for Social Welfare And Information Technology Vs CIT (Exemption) (ITAT Amritsar) Brief fact of the case is that the assessee-society had submitted an application for registration u/s 12A of the Act. The primary object of the assessee is that running and maintaining institutions in rural...
Read MoreGujarat State Civil Supplies Corporation Ltd Vs Mahakali Foods Pvt. Ltd (Supreme Court of India) - Supreme Court held that chapter-V of the MSMED Act, 2006 would override the provisions of the Arbitration Act, 1996. Accordingly, the Micro and Small Enterprises Facilitation Council shall have jurisdiction to proceed with the dispute covered u/s 17 of MSMED Act, 2006 despite the existence of an ind...
Read MoreChemflo Industries Pvt. Ltd. Vs KMC Construction Ltd. and another (Orissa High Court) - Chemflo Industries Pvt. Ltd. Vs KMC Construction Ltd. and another (Orissa High Court) Petitioner submits, impugned is order dated 13th March, 2015 passed on the interlocutory application of his client made in arbitration petition (ARBP no. 122 of 2013), of purported challenge of opposite parties to ...
Read MoreNational Collateral Management Services Limited Vs Kunj Bihari Food Processing Pvt Ltd (Jharkhand High Court) - HC held that merely because one party, has approached before MSME Council, Arbitration application cannot be held to be not maintainable...
Read MoreMagirsha Industries Vs Gujarat State Fertilizer And Chemicals Limited (Gujarat High Court) - Magirsha Industries Vs Gujarat State Fertilizer And Chemicals Limited (Gujarat High Court) Issue relating to power of this Court to extend the mandate, insofar as the references made by MSME is seriously disputed by respondent counsel. Having regard to the fact that sub-section (3) of section 18 of ...
Read MoreNotification No. S.O. 5745(E). - (08/12/2022) - Consider the requests of the Central Ministries/ Departments/ PSUs for exemption, on a case to case basis, from procuring certain items from the reserved list for MSEs through open tendering...
Read MoreNotification No. S.O. 4926(E) - (18/10/2022) - In case of an upward change in terms of investment in plant and machinery or equipment or turnover or both, and consequent re-classification, an enterprise shall continue to avail of all non-tax benefits of the category (micro or small or medium) it was in before the re-classification, for a period ...
Read MoreGeneral Circular No. 05/2022 - (30/05/2022) - Micro Finance/Micro Credit as an object in Object Clause of Memorandum of Association (MoA) of Section 8 companies not allowed...
Read MoreNotification No. G.S.R. 389(E). - (24/05/2022) - MINISTRY OF MICRO, SMALL AND MEDIUM ENTERPRISES NOTIFICATION New Delhi, the 24th May, 2022 G.S.R. 389(E).—In exercise of the powers conferred by clause (c) of sub-section (2) of section 29 of the Micro, Small and Medium Enterprises Development Act, 2006 (27 of 2006), the Central Government hereby ...
Read MoreRBI/2022-23/52 FIDD.MSME & NFS.BC.No.7/06.02.31/2022-23 - (19/05/2022) - Reserve Bank of India RBI/2022-23/52 FIDD.MSME & NFS.BC.No.7/06.02.31/2022-23 May 19, 2022 The Chairman/ Managing Director/Chief Executive Officer All Commercial Banks (including Small Finance Banks, Local Area Banks and Regional Rural Banks) All Primary (Urban) Co-operative Banks/State Co-opera...
Read More
J.K. Council for Social Welfare And Information Technology Vs CIT (Exemption) (ITAT Amritsar) -
Notification No. S.O. 5745(E). - 08/12/2022