{"id":5516,"date":"2023-11-21T11:16:05","date_gmt":"2023-11-21T05:46:05","guid":{"rendered":"https:\/\/simplemyfiling.com\/?p=5516"},"modified":"2023-11-21T11:20:01","modified_gmt":"2023-11-21T05:50:01","slug":"compliance-for-transactions-done-with-micro-small-enterprises","status":"publish","type":"post","link":"https:\/\/simplemyfiling.com\/index.php\/2023\/11\/21\/compliance-for-transactions-done-with-micro-small-enterprises\/","title":{"rendered":"COMPLIANCE FOR TRANSACTIONS DONE WITH MICRO &amp; SMALL ENTERPRISES"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"5516\" class=\"elementor elementor-5516\">\n\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a080083 e-flex e-con-boxed e-con e-parent\" data-id=\"a080083\" data-element_type=\"container\" data-settings=\"{&quot;content_width&quot;:&quot;boxed&quot;}\" data-core-v316-plus=\"true\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-e301a2e eael-dual-header-content-align-center elementor-widget elementor-widget-eael-dual-color-header\" data-id=\"e301a2e\" data-element_type=\"widget\" data-widget_type=\"eael-dual-color-header.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\n\t\t        <div class=\"eael-dual-header\">\n\t\t\t\t<h2 class=\"title\"><span  class=\"lead solid-color\">COMPLIANCE FOR TRANSACTIONS DONE WITH <\/span> <span>MICRO &amp; SMALL ENTERPRISES<\/span><\/h2>\n\t\t\t\t<span class=\"subtext\"><\/span>\n\t\t\t\t<\/div>\n\t\n\t\t\n\t\t\n\t\t\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-375a9e09 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"375a9e09\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-515d5dcd\" data-id=\"515d5dcd\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6580e071 elementor-widget elementor-widget-text-editor\" data-id=\"6580e071\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.17.0 - 08-11-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p><!-- wp:group {\"layout\":{\"type\":\"constrained\"}} --><\/p>\n<div>\n<figure style=\"text-align: left;\">\n<ol>\n<li>\n<div class=\"WordSection1\">\n<div class=\"flex-1 overflow-hidden\">\n<div class=\"react-scroll-to-bottom--css-aybnc-79elbk h-full\">\n<div class=\"react-scroll-to-bottom--css-aybnc-1n7m0yu\">\n<div class=\"flex flex-col text-sm gizmo:pb-9 dark:bg-gray-800 gizmo:dark:bg-transparent\">\n<div class=\"w-full text-token-text-primary border-b border-black\/10 gizmo:border-0 dark:border-gray-900\/50 gizmo:dark:border-0 bg-gray-50 gizmo:bg-transparent dark:bg-[#444654] gizmo:dark:bg-transparent\" data-testid=\"conversation-turn-392\">\n<div class=\"p-4 gizmo:py-2 justify-center text-base md:gap-6 md:py-6 m-auto\">\n<div class=\"flex flex-1 gap-4 text-base mx-auto md:gap-6 gizmo:gap-3 gizmo:md:px-5 gizmo:lg:px-1 gizmo:xl:px-5 md:max-w-2xl lg:max-w-[38rem] gizmo:md:max-w-3xl gizmo:lg:max-w-[40rem] gizmo:xl:max-w-[48rem] xl:max-w-3xl } group final-completion\">\n<div class=\"relative flex w-[calc(100%-50px)] flex-col gizmo:w-full lg:w-[calc(100%-115px)] agent-turn\">\n<div class=\"flex-col gap-1 md:gap-3\">\n<div class=\"flex flex-grow flex-col max-w-full gap-3 gizmo:gap-0\">\n<div class=\"min-h-[20px] text-message flex flex-col items-start gap-3 whitespace-pre-wrap break-words [.text-message+&amp;]:mt-5 overflow-x-auto\" data-message-author-role=\"assistant\" data-message-id=\"582b523c-e822-4e2b-be79-da4ffc6c45d1\">\n<div class=\"markdown prose w-full break-words dark:prose-invert light\">\n<p><strong>I. Revised Classification Criteria (w.e.f. July 1, 2020)<\/strong><\/p>\n<p><em>1. Calculation of Investment in Plant &amp; Machinery:<\/em><\/p>\n<p>a. Existing Enterprises \u2013 Adoption of investment value from Income Tax Return.<\/p>\n<p>b. New Enterprises \u2013 Self Declaration Basis.<\/p>\n<p>c. Definition of Plant &amp; Machinery and Equipment \u2013 As per Income Tax Act.<\/p>\n<p>d. Purchase Value \u2013 Exclusive of GST.<\/p>\n<p>e. Exclusions \u2013 Cost of Pollution Control Equipment, Research &amp; Development Equipment, Industries Safety Devices.<\/p>\n<p>f. Old or New Machinery \u2013 Both.<\/p>\n<p><em>2. Calculation of Turnover:<\/em><\/p>\n<p>a. Exclusions \u2013 Export Turnover (Both goods and services).<\/p>\n<p>b. Data Source \u2013 Income Tax Returns or GST Returns.<\/p>\n<p><em>3. Other Points:<\/em><\/p>\n<p>a. Consideration of Turnover &amp; Investment of the previous financial year.<\/p>\n<p>b. Mandatory annual update of Udyam Registration.<\/p>\n<p>c. Classification changes (Up or Down) based on Investment &amp; Turnover.<\/p>\n<p>d. Non-updated registrations result in suspension; cancellation is also possible.<\/p>\n<p>e. One Udyam Registration for all enterprise branches.<\/p>\n<p>f. One Aadhar One Udyam Registration.<\/p>\n<p><strong>II. Case Study: Udyam Registration of Multiple Entities<\/strong><\/p>\n<p><em>Scenario:<\/em> Mr. Lava, a partner in Rama &amp; Co., wants to register his new firm, M\/s. Lava &amp; Co., under Udyam Registration using his Aadhar. Is it possible?<\/p>\n<p><strong>III. Expansion of Udyam Registration Activities (from July 2, 2021)<\/strong><\/p>\n<p><em>Allowed Activities:<\/em><\/p>\n<p>a. Wholesale and retail trade and repair of motor vehicle and motorcycles.<\/p>\n<p>b. Wholesale trade except for motor vehicles and motorcycles.<\/p>\n<p>c. Retail Trade except for motor vehicles and motorcycles.<\/p>\n<p><strong>IV. Compliance Requirements for Transactions with Micro &amp; Small Enterprises<\/strong><\/p>\n<p><em><strong>A. Compliances under MSMED Act:<\/strong><\/em><\/p>\n<ol>\n<li>\n<p>Requirement to specify unpaid amount with interest in the annual statement of accounts (Sec 22).<\/p>\n<\/li>\n<li>\n<p>Buyer&#8217;s liability to make payment within 45 days (Sec 15).<\/p>\n<\/li>\n<li>\n<p>Interest on delayed payments at 3 times the Bank Rate (Sec 16).<\/p>\n<\/li>\n<li>\n<p>Interest paid to Micro and Small Enterprise not allowed as deduction (Sec 23).<\/p>\n<\/li>\n<\/ol>\n<p><em><strong>B. Compliances under Income Tax Act:<\/strong><\/em><\/p>\n<ol>\n<li>\n<p>Clause 22 of Form No.3CD: Amount of interest inadmissible under MSMED Act.<\/p>\n<\/li>\n<li>\n<p>Finance Bill 2023 proposal: Deduction allowed on actual payment beyond specified time (amendment to Sec 43).<\/p>\n<\/li>\n<li>\n<p>TDS on Interest Payments: TDS u\/s 194Q applicable on interest paid on delayed payments to creditors.<\/p>\n<\/li>\n<\/ol>\n<p><em><strong>C. Compliances under Companies Act:<\/strong><\/em><\/p>\n<p><em>Form MSME-1 Filing:<\/em><\/p>\n<p>a. Submission of outstanding dues details to ROC.<\/p>\n<p>b. Applicability based on buyer and seller classifications.<\/p>\n<p><em>Other Points:<\/em><\/p>\n<ul>\n<li>No special compliances for sale to or loans with MSMEs as of the current date.<\/li>\n<\/ul>\n<p><strong>V. Case Study: Mr. Raavan&#8217;s Credit Transaction<\/strong><\/p>\n<ul>\n<li>Analysis of disclosures if payment is not made by the due date.<\/li>\n<\/ul>\n<p><strong>VI. Additional Points and Queries:<\/strong><\/p>\n<ul>\n<li>\n<p>Applicability of compliances based on enterprise classification and Udyam Registration.<\/p>\n<\/li>\n<li>\n<p>Availability of enterprise classification publicly.<\/p>\n<\/li>\n<li>\n<p>Absence of special compliances for certain transactions.<\/p>\n<\/li>\n<\/ul>\n<p>This comprehensive overview delineates the compliance requirements associated with transactions involving Micro and Small Enterprises, encompassing criteria revisions, calculation methodologies, and statutory obligations under the MSMED Act, Income Tax Act, and Companies Act.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"flex justify-between empty:hidden gizmo:mt-1 gizmo:justify-start gizmo:gap-3 lg:block gizmo:lg:flex\">\n<div class=\"text-gray-400 flex self-end lg:self-center justify-center gizmo:lg:justify-start mt-2 gizmo:mt-0 visible gap-1\"><button class=\"flex ml-auto gizmo:ml-0 gap-1 items-center rounded-md p-1 text-xs gizmo:gap-1.5 gizmo:pl-0 dark:text-gray-400 dark:hover:text-gray-200 disabled:dark:hover:text-gray-400 hover:text-gray-950 md:invisible md:group-hover:visible md:group-[.final-completion]:visible\"><\/button>\n<div class=\"flex gap-1\">\u00a0<\/div>\n<div class=\"flex items-center gap-1.5 text-xs\">\u00a0<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"w-full pt-2 md:pt-0 border-t md:border-t-0 gizmo:border-t-0 dark:border-white\/20 md:border-transparent md:dark:border-transparent md:pl-2 gizmo:pl-0 gizmo:md:pl-0 md:w-[calc(100%-.5rem)]\"><form class=\"stretch mx-2 flex flex-row gap-3 last:mb-2 md:mx-4 md:last:mb-6 lg:mx-auto lg:max-w-2xl xl:max-w-3xl\">\n<div class=\"relative flex h-full flex-1 items-stretch md:flex-col\">\n<div class=\"flex w-full items-center\">\u00a0<\/div>\n<\/div>\n<\/form><\/div>\n<\/div>\n<\/li>\n<\/ol>\n<\/figure>\n<\/div>\n<p><!-- \/wp:paragraph --><!-- wp:post-date \/--><!-- wp:post-author \/--><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>COMPLIANCE FOR TRANSACTIONS DONE WITH MICRO &amp; SMALL ENTERPRISES I. Revised Classification Criteria (w.e.f. July 1, 2020) 1. Calculation of Investment in Plant &amp; Machinery: a. Existing Enterprises \u2013 Adoption of investment value from Income Tax Return. b. New Enterprises \u2013 Self Declaration Basis. c. Definition of Plant &amp; Machinery and Equipment \u2013 As per [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5410,"comment_status":"closed","ping_status":"open","sticky":false,"template":"elementor_theme","format":"standard","meta":{"_joinchat":[]},"categories":[433],"tags":[434,447,461],"blocksy_meta":"","yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>COMPLIANCE FOR TRANSACTIONS DONE WITH MICRO &amp; SMALL ENTERPRISES | simplemyfiling<\/title>\n<meta name=\"description\" content=\"Master compliance for transactions with Micro &amp; Small Enterprises. 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