How to report MSME 43B(h) disqualification in Tax Audit Reports in case of no record maintained by auditee regarding MSME classification ? (for Non-Corporates only)

This will be beneficial to practictioners engaged in audits of small assessees of Tier-2 & Tier-3 cities where it is practically impossible to check the compliance of Section 43B(h)!

DISCLAIMER: This information is provided for informational purposes only, and should not be construed as legal advice on the subject matter. Please consult your own tax, legal and accounting advisor before implementing it in your reports. Add a point in the Notes to Accounts of the Assessee:
We do not have a system of identifying amounts due to Micro Enterprises or Small Enterprises on the basis of documents in our possession and accounting software used by us (the same of which is relied upon by the auditors).
Hence, we are unable to identify Micro Enterprises or Small Enterprises under the Micro, Small & Medium Enterprises Development Act, 2006.
Therefore, disclosures under Section 22 of the said Act are not necessary.

Also, make an agenda to incorporate the same in your MRL - and PLEASE UPLOAD SIGNED & STAMPED BALANCE SHEETS BY THE ASSESSEE - in 3CB-3CD attachments - TO JUSTIFY GENUINETY OF THE FINANCIALS AND NOTES TO ACCOUNTS!

Its time for Full donor list (Party Wise)! 🧵

P.S. Only 4 images are allowed to be attached for a thread tweet. So, I have attached only 1st 4 pages of donors of all parties.

1. BJP - ₹60,60,51,11,000.00

#ElectoralBondScam #ElectoralBonds


2. ALL INDIA TRINAMOOL CONGRESS - ₹16,09,53,14,000.00

Conclusions from EC data published: A thread🧵

Out of total Rs. 1368 crores donated via Electroral Bonds by Future Gaming, Rs 509 crore alone were donated to DMK!



A total of Rs. 200 crore was donated to BJP Government in first 5 days of release of the Scheme - from 5th March 2018 to 9th March 2018

Its time for Black & White!! #ElectoralBondsCase

🧵 A thread...

Case 1: Wonder Cement Limited

Case 2: Future Gaming & Hotel Services Private Limited

Gone through ICAI Tax Audit GN;

Some interesting points for SME CA Firms;

Thread 📌📎

➡️ Other items of incomes not to be disclosed in 16d now.
➡️ EPF/ESI employee contt. disallowances u/s 36(1)(va) to be disclosed in 16d (should be matching with 20b details) ➡️ If immovable property held as SIT, diff. b/w FMV and SP > 10%, to be included in 16d.
➡️ Profit on sale of asset, not credited to PL to be disclosed in 16e.
➡️ Adjustment of loans by book entries = acceptance/repayment by other than account payee cheque for Clause 31 purposes