Income Tax Dept warns public against cash dealings of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty.

Micro Small And Medium Enterprises (MSME)

1. Under which section Central Government Make the Order for MSME
Power of Central Government to Direct Companies to Furnish Information or Statistics.
405. (1) The Central Government may, by order, require companies generally, or any class of companies, or any company, to furnish such information or statistics with regard to their or its constitution or working, and within such time, as may be specified in the order.
(2) Every order under sub-section (1)shall be published in the Official Gazette and may be addressed to companies generally or to any class of companies, in such manner, as the Central Government may think fit and the date of such publication shall be deemed to be the date on which requirement for information or statistics is made on such companies or class of companies, as the case may be.
(3) For the purpose of satisfying itself that any information or statistics furnished by a company or companies in pursuance of any order under sub-section (1) is correct and complete, the Central Government may by order require such company or companies to produce such records or documents in its possession or allow inspection thereof by such officer or furnish such further information as that Government may consider necessary.
(4) If any company fails to comply with an order made under sub-section (1) or subsection (3), or knowingly furnishes any information or statistics which is incorrect or incomplete in any material respect, the company shall be punishable with fine which may extend to twenty-five thousand rupees and every officer of the company who is in default, shall be punishable with imprisonment for a term which may extend to six months or with fine which shall not be less than twenty-five thousand rupees but which may extend to three lakh rupees, or with both.
(5) Where a foreign company carries on business in India, all references to a company in this section shall be deemed to include references to the foreign company in relation, and only in relation, to such business.
Eligibility Criteria for Filing Such Form
Every specified company shall file in MSME Form I details of all outstanding dues to Micro or small enterprises suppliers existing on the date of notification of this order within thirty days from the date of publication of this notification.
Q1 What is Specified Company?
All companies, who get supplies of goods or services from micro and small enterprises and whose payments to micro and small enterprise suppliers exceed forty five days from the date of acceptance or the date of deemed acceptance of the goods or services as per the provisions of section 9 of the Micro, Small and Medium Enterprises Development Act, 2006 (27 of 2006) (hereafter referred to as "Specified Companies"), shall submit a half yearly return to the Ministry of Corporate Affairs.
As per such explanation all companies means whtere it is Private Company or Public Company or OPC Company or Government Company who get the Supplies from micro and small enterprises.
Q.2 Is it Mandatory to file MSME form for those Companies who never get the Goods or Service from MSME Vendor?
Ans As per my understanding this form only for those Companies who get the Supplies from the MSME vendor.
Q.3 Tenure for filing for MSME Return?
Ans. 3 This is half yearly return and following date shall be consider
For first Time UserInitial Return
April to September31st October
October to March30th April
Q.4 How many entries can be mentioned in Particular of name of suppliers and amount of payment due?
Ans Form Can be filed only 99 Entries.
Q.5 IF A Company has more than 99 MSME Vendor at that can we file PDF attachment or File a new form?
Ans. If Company has more than 99 MSME Vender than Company shall file a new form for this.
Q.6 What kind of documents required for Filing Form?
Ans. Following are the information required for filing the form:-
Name of SupplierEnter the name of Supplier
PAN of SupplierEnter 'Permanent Account Number' (PAN) of the Supplier
Amount DueEnter the Amount.
Specify the date from which amount is dueEnter the Date from which amount is due.
Q.6 What is the legal Liability, if Company does not Comply any MSME form?
Ans. The company shall be punishable with fine which may extend to twenty-five thousand rupees and every officer of the company who is in default, shall be punishable with imprisonment for a term which may extend to six months or with fine which shall not be less than twenty-five thousand rupees but which may extend to three lakh rupees, or with both.
Q.7 Is this form STP or Non- STP?
Ans The form will be processed in STP mode.
Q.8 Is there any fees for this form?
Ans No there is no fees for this form.
Refer:[2019] 105 taxmann.com 27 (Article)

Share This!



No comments:

Post a comment