News & Media 17th Jul 2024
Our Partner Manendra Singh shares his views in the latest column “Budget may not change 45-day rule on payment to MSMEs” authored by शिशिर सिन्हा (SHISHIR SINHA) & KR Srivats from businessline.
The Union Budget may not make any change in the 45-day pay rule in Income Tax law as the government has amended the Company Law order and notified new form for reporting by companies about delay in payment to micro and small enterprise suppliers. It stems from Section 15 of the Micro, Small and Medium Enterprises Development Act 2006, which mandates payments to micro and small enterprises within 45 days in case of written agreement and 15 days in case of no-written agreements.