Chennai, Feb. 13 -- Retail and wholesale traders are urging for clear interpretation regarding the inclusion of their sector under the newly enacted Section 43(B)(h) of the Income Tax Act, 1961.
The Agro Food Chamber of Commerce and Industry presented a memorandum to the Tamil Nadu Finance Minister on Monday, urging the ministry to provide clarity on this matter.
S Rethinavelu, Founder and President, Agro Food Chamber of Commerce and Industry, highlighted the implications of the amended Section 43(B)(h) of the IT Act. He explained that failure to make payments to MSMEs within a 45-day timeframe renders the amount taxable income for the purchaser.
Rethinavelu underscored the importance of including retail and wholesale traders as MSMEs...