How to Verify Sec.43B(h) compliance and Draft comments for Tax Audit Report

Only one major change for Tax Audit Report is verification and reporting of Sec. 43B(h) of Income Tax Act. The video covers:
- How to verify Sec.43B(h) disallowance
- Form 3CD Reporting requirement
- Draft comments for Form 3CA/3CB
- Audit Documentation
Visit www.cachintan.com/mse to download:
- 43B(h) Verification Worksheet (Excel File)
- Draft Comments relating to 43B(h) for TAR
- Draft Agreed Credit Period document (Word File)
- Declaration of MSE or not (Word File)

[@sumitjain8198]

very well explained

[@AgarwalKeshav-e9m]

thank you so much sir

[@sachingadhia1060]

Very Nice Explain Sirji. Thank You Very Much. Regards

[@MANOHARCHL]

Thank you so much Sir for your lucid presentation along with draft comments, etc which is very helpful.

[@knowledgeupdates6940]

Glad it was helpful!

[@Divya_K1201]

Very helpful. Thanks a lot sir!

[@knowledgeupdates6940]

Glad it was helpful!

[@ca.mitalshah6835]

wonderful

[@knowledgeupdates6940]

Many thanks

[@NarendraKSoni]

What if our assessee does not have information about the suppliers in which category they fall i.e. Micro or Small ? Can we resort on declaration in 3CB report ?

[@knowledgeupdates6940]

If know information than may not be counted as Micro or Small. Reoresentations and Test check thereof should be carried out and fact thereof should be written in FORM 3CB. I have provided draft comments of different scenarios for reference.

[@padmanabha-re8ws]

I think we have to see the amounts outstanding till 15-2-24 as the due date for payment of invoices raised after 15-2-24 will fall in the next financial year. Am i correct?

[@knowledgeupdates6940]

Outstanding amount as on 31st March 2024 is to be verified with respect to subsequent payment eventhough falling in next year

[@satakgaming2521]

Sir what to do in case bill to bill payment is not made a lumpsum amount is made

[@knowledgeupdates6940]

Payment gers adjusted against first invoice outstanding and balance in sequence- FIFO