Renowned CA Naresh Jakhotia, partner of SSRPN & Company guided on impact of this new provision of introduction of time limit for payment within 15 or 45 days and business terms are likely to be revisited in accordance with Income Tax Act. Though the provision of timely payment is already there in the MSMED Act-2006, its repercussion is also incorporated in the Income Tax Act-1961.
The session covered the area like what if payment is not done within 15 / 45 days, who is not covered by the new law, Precaution to be taken before 31st March, what if there exists a dispute & litigation, what are the safeguards one should take.
Earlier CA Ashok Chandak, Chairman - VIA Taxation & Corporate Law Forum welcomed the guest speaker and in his welcome address expressed his view that the object of the new provision is to ensure payment to MSME & it is laudable. CA. Anil Parakh, past VP in his opening remarks said that though the MSME Act was introduced in 2006, it was not that effective and with the provision in the Income Tax Act, it will serve the intended purpose.
CA Sachin Jajodia, Convener of the forum conducted the proceedings. Secretary Ashish Doshi, proposed a formal vote of thanks.
Prominently present representatives from Sanvijay, Gimatex Industries, C P Foundry Works, Elkem South Asia, Diffusion Engineers, Mecgale Pneumatic, Truform Techno Products, Basant Agro Tech India Ltd, Jayaswal Neco and Aerocom Cushions, Sandip Khemka, Plasto Industries Ltd, Nice Software Solutions Pvt. Ltd, CDET explosive industries, etc.