Clause 23 of Tax Audit

Interest on delay payment to MSME’s – Implications

4 Comments / COMPANY LAW, GST, INCOME TAX / By Anil Kumar Tenneti / November 4, 2020 October 14, 2021 / 360 Degree analysis off Interest on MSME, Analysis of Interest on MSME, Clause 23 of Tax Audit, IMPLICATION OF INTEREST ON MSME, Interest on delay payment to MSME, INTEREST ON MSME DISALLOWED, Interest on msme disallowed as per which section, MSME DELAY PAYMENT, MSME INTEREST, Sec 22 of MSMED Act, TDS ON INTEREST ON MSME

Background – As per Section 16 of the MSMED Act, if a buyer fails to make payment of amount to the supplier, then the buyer shall be liable to pay compound interest with monthly rest to such supplier. This provision has an overriding effect on the agreement, if any, between the buyer and the MSME …

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