# MSME Form 1 Due Date 2026 and the 45 Day Payment Rule for Companies

> Source: https://krystal7.com/insights/msme-form-1-45-day-payment-rule
> Publisher: Krystal7 Consultants (Krystal7 Innovations Private Limited), Gurugram, India
> Author: CA Nandini
> Published: 12 Sep 2026; updated 01 Oct 2026
> Summary: MSME Form 1 for April to September 2026 is due 31 Oct 2026, and a late payment to a micro or small supplier is deductible only in the year paid.

*Written by CA Nandini, Krystal7 Consultants. Last updated 1 October 2026.*

**MSME Form 1 is a half yearly return to the Registrar of Companies. A company files it when a micro or small supplier stays unpaid beyond 45 days from acceptance. It is due by 31 October for April to September and by 30 April for October to March. Section 15 of the MSMED Act caps credit at 45 days. A late payment carries compound interest at three times the RBI bank rate. The expense is deductible only in the year paid, under section 37(2)(g) of the Income Tax Act, 2025.**

This page covers who files, the vendor check, interest, disclosure, the tax rule and the MSMED (Amendment) Act, 2026. "MSMED Act" means the Micro, Small and Medium Enterprises Development Act, 2006. INR 1,00,000 is one lakh (100,000), and INR 1,00,00,000 is one crore (10 million).

## What is MSME Form 1?

MSME Form 1 (officially MSME Form I) is a return a company files with the Registrar of Companies (ROC). It reports amounts owed to micro and small suppliers that stayed unpaid for more than 45 days after acceptance. It also asks why each payment was late.

The Ministry of Corporate Affairs (MCA) made the form under section 405 of the Companies Act, 2013. The legal text is the Specified Companies (Furnishing of information about payment to micro and small enterprise suppliers) Order, 2019 (the Order). It is S.O. 368(E) of 22 Jan 2019.

MCA amended the Order on 15 Jul 2024 by [S.O. 2751(E)](https://egazette.gov.in/WriteReadData/2024/255437.pdf). A new proviso in paragraph 3 limits filing to "only those specified companies which are having payments pending" for more than 45 days. The amendment also replaced the form with a supplier table.

| Item | Position on 1 Oct 2026 |
|---|---|
| Legal basis | Section 405, Companies Act, 2013; Order S.O. 368(E) of 22 Jan 2019, amended by S.O. 2751(E) of 15 Jul 2024 |
| Official name | MSME Form I |
| Who files | A company with a payment to a micro or small enterprise pending for more than 45 days from acceptance or deemed acceptance |
| Periods | 1 April to 30 September; 1 October to 31 March |
| Due dates | 31 October; 30 April |
| Next due date | 31 Oct 2026, for 1 Apr 2026 to 30 Sep 2026 |
| Nil return | Not required after the 2024 amendment |
| What it reports | Each supplier's name, PAN, payments, balances and reason for delay |
| Filing fee | Shown by the MCA V3 portal when you file; check it before you pay |
| Penalty (INR) | Section 405(4): 20,000, plus 1,000 for each day after the first while the failure continues, up to 3,00,000, for the company and every officer in default |
| Related tax rule | Section 37(2)(g), Income Tax Act, 2025; section 43B(h), Income Tax Act, 1961 for FY 2025-26 and earlier |

## Who must file MSME Form 1?

A company files MSME Form 1 for any half year in which it owed a micro or small supplier beyond 45 days from acceptance. With no such delay, it files nothing, not even a nil return.

The Order applies to all companies, including the Indian subsidiary of a foreign group. Neither the Order nor the 2024 amendment exempts a buyer that is itself a micro, small or medium enterprise.

The supplier must be a registered micro or small enterprise. Section 2(n) of the MSMED Act defines a "supplier" as one that has filed a memorandum under section 8(1). Today that means Udyam Registration.

The Order describes the 45 days by reference to section 9 of the MSMED Act, which deals with promotion and development measures. The payment deadline itself sits in section 15. Either way, count 45 days from acceptance.

| Buyer and situation | Files MSME Form 1? | Why |
|---|---|---|
| Private Limited company, micro supplier unpaid on day 50 | Yes | A payment was pending for more than 45 days |
| Same company, every micro and small supplier paid by day 45 | No | The 2024 proviso limits filing to companies with pending payments |
| Company that is itself a small enterprise, with a small supplier unpaid on day 60 | Yes | The Order has no exemption for MSME buyers |
| Company overdue only to a medium enterprise | No | The Order covers micro and small suppliers |
| Company overdue only to a retail or wholesale trader registered on Udyam | Our reading: no | Benefits for traders are limited to priority sector lending from 2 Jul 2021 |
| LLP with a micro supplier unpaid on day 50 | No | The Order applies to companies; interest and the tax rule still apply |
| Indian branch or project office of a foreign company, micro supplier unpaid on day 50 | Our reading: yes | Section 405(5) extends section 405 to a foreign company's Indian business, and field 1(a) accepts an FCRN |
| Indian subsidiary that owes its foreign parent for 120 days | No | A foreign parent is not a micro or small enterprise under the Act |

On traders, the Ministry of MSME's year end review says "Benefits to them are restricted to Priority Sector Lending only" ([PIB, 30 Dec 2021](https://pib.gov.in/PressReleasePage.aspx?PRID=1786356)). Our reading is that traders stay outside section 15, MSME Form 1, section 43B(h) and section 37(2)(g).

Our [company compliance team](/services/compliance-company.html) runs this test each half year for foreign owned subsidiaries.

## When is MSME Form 1 due?

MSME Form 1 is due by 31 October for April to September, and by 30 April for October to March. Paragraph 3 of the Order sets these dates. The return for the half year to 30 Sep 2026 is due by 31 Oct 2026.

| Half year | Period covered | Due date | Current cycle |
|---|---|---|---|
| First half | 1 Apr to 30 Sep | 31 Oct | 1 Apr 2026 to 30 Sep 2026, due 31 Oct 2026 |
| Second half | 1 Oct to 31 Mar | 30 Apr | 1 Oct 2026 to 31 Mar 2027, due 30 Apr 2027 |
| Previous return | 1 Oct 2025 to 31 Mar 2026 | 30 Apr 2026 | Filed, or late now |
| One time return | Dues on the date of the Order | Within 30 days of publication of the Order | Closed |

The dates do not move with the financial year end. MCA's general circulars 01/2026 to 04/2026 dealt with the CCFS-2026 scheme and DPT-3 fees, and none moved these dates. Check the MCA circulars page before you rely on a later date.

## What is the 45 day payment rule?

Section 15 of the MSMED Act makes a buyer pay a micro or small supplier by the date agreed in writing. Its proviso says that period shall "in no case" exceed 45 days from acceptance or deemed acceptance. With no written agreement, the buyer must pay before the "appointed day", the sixteenth day after acceptance. In practice that means within 15 days ([MSMED Act, 2006](https://www.dcmsme.gov.in/MSMED2006.pdf)).

The Explanation to section 2(b) defines acceptance:

- **Day of acceptance:** the day the goods are delivered or the services rendered. If the buyer objects in writing within 15 days, it is the day the supplier removes the objection.
- **Day of deemed acceptance:** where the buyer makes no written objection within 15 days, the day of actual delivery or service.

So the clock starts at delivery, not at the invoice date. A buyer with a real quality problem must object in writing within 15 days, and an email will do.

Section 16 charges interest "notwithstanding anything contained in any agreement between the buyer and the supplier". Section 24 gives sections 15 to 23 overriding effect over any other law. A group policy of 60 or 90 day terms does not bind an Indian micro or small supplier. The MSMED (Amendment) Act, 2026 leaves sections 15 to 17 and 22 to 24 unchanged.

| Rule | Clock starts | Limit | What happens when the limit passes |
|---|---|---|---|
| Section 15, MSMED Act, written terms | Acceptance or deemed acceptance | The agreed date, at most 45 days | Interest under section 16 from the day after the agreed date |
| Section 15, MSMED Act, no written terms | Acceptance or deemed acceptance | Before the appointed day (15 days) | Interest under section 16 from the appointed day |
| MSME Form 1 | Acceptance or deemed acceptance | 45 days | The company reports the supplier in the half yearly return |
| Section 37(2)(g), Income Tax Act, 2025 | Follows section 15 | 15 days, or the agreed date up to 45 days | Deduction only in the tax year of payment |
| GST input tax credit | Invoice date | 180 days | Credit paid back with interest under section 50 in GSTR-3B; claimed again on payment |

So three dates can apply to one invoice. MSME Form 1 always uses 45 days, while interest and the tax rule use the section 15 date. A company that pays on day 30 with no written terms owes interest but has nothing to report.

The GST clock comes from the [second proviso to section 16(2) of the CGST Act, 2017](https://taxinformation.cbic.gov.in/content/html/tax_repository/gst/acts/2017_CGST_act/active/chapter5/section16_v1.00.html) and [rule 37 of the CGST Rules, 2017](https://taxinformation.cbic.gov.in/content/html/tax_repository/gst/rules/cgst_rules/active/chapter5/rule37_v1.00.html). Our note on [GST input tax credit rules](/insights/gst-input-tax-credit-rules) covers it.

## How do you check if a vendor is micro or small?

Ask the vendor for its Udyam Registration Certificate. Check the number on the "Verify Udyam Registration" option of the [Udyam Registration portal](https://udyamregistration.gov.in/). Read the enterprise type and the major activity. A micro or small enterprise in manufacturing or services is inside the 45 day rule.

Classification follows S.O. 2119(E) of 26 Jun 2020, as amended by [S.O. 1364(E) of 21 Mar 2025](https://www.dcmsme.gov.in/Notification-S.O-no-1364-E-dated-21.03.2025-Revised-Definition.pdf) from 1 Apr 2025. An enterprise must be within both the investment limit and the turnover limit for its category.

| Category | Investment limit to 31 Mar 2025 (INR) | Turnover limit to 31 Mar 2025 (INR) | Investment limit from 1 Apr 2025 (INR) | Turnover limit from 1 Apr 2025 (INR) |
|---|---|---|---|---|
| Micro | 1 crore | 5 crore | 2.5 crore | 10 crore |
| Small | 10 crore | 50 crore | 25 crore | 100 crore |
| Medium | 50 crore | 250 crore | 125 crore | 500 crore |

Investment means investment in plant and machinery or equipment. The MSMED (Amendment) Act, 2026 leaves future limits to notification and does not change these figures by itself.

Four rules in the 2020 notification decide the category:

1. **Composite test.** An enterprise moves up if it crosses either limit, and down only if it falls below both (paragraph 3(2)).
2. **Exports excluded.** Exports do not count towards turnover (paragraph 5(1)).
3. **Tax data.** Investment and turnover come from income tax returns and GST data (paragraph 5(2)).
4. **Timing.** A growing enterprise keeps its status for one year after the close of its year of registration (paragraph 8(5)). A shrinking one changes from the next 1 April (paragraph 8(6)).

The vendor must also have registered in time. The Supreme Court held that "the seller should have registered under the provisions of the Act, as on the date of entering into the contract" ([Silpi Industries, 29 Jun 2021, para 26](https://api.sci.gov.in/supremecourt/2017/36008/36008_2017_35_1501_28105_Judgement_29-Jun-2021.pdf)). We compare the Udyam registration date with the purchase order date.

The portal also hosts the Udyam Assist Platform for informal micro enterprises. Under S.O. 1296(E) of 20 Mar 2023, its certificate counts as a Udyam certificate "for the purpose of availing Priority Sector Lending benefit" ([PIB, 23 Mar 2026](https://pib.gov.in/PressReleasePage.aspx?PRID=2244000)). That speaks only of lending. We pay these vendors within 45 days rather than test whether sections 15 to 17 reach them.

| Check | Where | What we record |
|---|---|---|
| Udyam number and certificate | From the vendor at onboarding | Certificate PDF and Udyam number |
| Validity | Udyam portal, "Verify Udyam Registration" | Result with the date checked |
| Enterprise type | Certificate | Micro, small or medium, with the classification year |
| Major activity | Certificate | Manufacturing, services or trading |
| Registration date | Certificate and purchase order | Registered before the contract date? |
| Supplier PAN | Certificate and GST record | PAN for the MSME Form 1 supplier table |
| Written credit terms | Purchase order or contract | Days, capped at 45 |
| Annual refresh | Vendor declaration each April | Type for the new year |

Service vendors are easy to miss. A staffing contractor, an IT support firm or a design studio can be a small enterprise. Our guides to [MSME registration](/insights/msme-registration-process-in-india) and [Udyam registration for foreign owned companies](/insights/udyam-registration-online-for-small-business) show what the certificate contains.

## What details does MSME Form 1 ask for?

MSME Form 1 asks for the company's identity, the half year and a table by supplier, set out below.

A note above the table reads: "Please report all outstanding amount that are due for more than 45 days or were liquidated after 45 days of acceptance of goods/service". The Udyam number is not a field, so the PAN identifies the supplier.

| Part | Field in the form notified on 15 Jul 2024 | What we enter |
|---|---|---|
| 1(a) to 1(e) | CIN or FCRN, company name, registered office address, email, company PAN | Company master data from MCA |
| 2(a) | Type of return | Periodic half yearly return |
| 2(b) | Start date and end date | 1 Apr to 30 Sep, or 1 Oct to 31 Mar |
| 3, supplier columns | Name and PAN of the MSE supplier | From the Udyam certificate and GST record |
| 3, payment columns | Paid within 45 days; paid after 45 days | Payments made during the half year |
| 3, balance columns | Outstanding for 45 days or less; outstanding for more than 45 days | Balances at the end of the half year |
| 3, last column | Reason for delay, and payment through TReDS or another mode | A short, factual reason for each supplier |
| Declaration | Digital signature, designation and identification number of the authorised signatory | Director or company secretary |

A supplier paid wholly within 45 days meets neither test in the note. We list each micro and small supplier with a late or overdue amount, and fill all four amount columns for it.

Give a reason the supplier would recognise, such as "Short supply, objection emailed 14 Feb 2026, resolved 3 Mar 2026". "Cash flow" admits the default.

The last column asks whether a payment went through TReDS, the Trade Receivables Discounting System for financing supplier invoices. A Ministry of MSME notification of 7 Nov 2024 cut the turnover limit for mandatory TReDS onboarding to INR 250 crore. The limit applies to companies and central public sector enterprises ([PIB, 1 Dec 2025](https://pib.gov.in/PressReleasePage.aspx?PRID=2196858)).

## What is the tax effect of paying a micro or small supplier late?

A late payment to a micro or small supplier is deductible only in the tax year of payment. Late means after the section 15 deadline. Section 37(2)(g) of the Income Tax Act, 2025 sets this rule from 1 Apr 2026. Section 43B(h) of the Income Tax Act, 1961 did the same for FY 2025-26 and earlier years.

[Section 37(1)](https://www.incometaxindia.gov.in/w/section-37-176) allows the listed sums "only in the tax year in which such sums are actually paid". That holds whatever the accounting method or "the tax year in which the liability was incurred". Clause (g) lists any amount payable to a micro or small enterprise "beyond the time limit specified in section 15" of the MSMED Act. Section 37(3) gives return date relief to the other clauses, "except the sum referred to in clause (g)". Section 37(5) bars a second deduction.

The Finance Act, 2023 inserted section 43B(h) from 1 Apr 2024. Its return date proviso also excluded clause (h) ([section 43B](https://www.incometaxindia.gov.in/w/section-43b-42)).

The rule bites only when the payment crosses both the section 15 date and a year end. A payment after the year end but within the section 15 date is not "beyond the time limit". We deduct it in the year of the expense, and Form 3CD clause 22 splits amounts on that line.

| Acceptance date | Written credit terms | Section 15 deadline | Paid on | Within deadline? | Deduction for FY 2025-26 | Year of deduction |
|---|---|---|---|---|---|---|
| 10 Feb 2026 | 45 days | 27 Mar 2026 | 25 Mar 2026 | Yes | Allowed | FY 2025-26 |
| 10 Feb 2026 | 45 days | 27 Mar 2026 | 20 Apr 2026 | No | Disallowed | Tax year 2026-27 |
| 10 Feb 2026 | None | 25 Feb 2026 | 20 Mar 2026 | No | Allowed, paid in the same year | FY 2025-26 |
| 20 Mar 2026 | 45 days | 4 May 2026 | 30 Apr 2026 | Yes | Allowed (our reading) | FY 2025-26 |
| 20 Mar 2026 | 45 days | 4 May 2026 | 10 May 2026 | No | Disallowed | Tax year 2026-27 |
| 20 Mar 2026 | None | 4 Apr 2026 | 30 Apr 2026 | No | Disallowed | Tax year 2026-27 |
| 10 Feb 2026 | 45 days | 27 Mar 2026 | Unpaid on 31 Mar 2027 | No | Disallowed | The tax year of payment |

Section 23 of the MSMED Act bars any deduction for section 16 interest "notwithstanding anything contained in" the Income Tax Act, 1961.

For FY 2025-26, Form 3CD clause 22 reports section 23 interest, the total due under section 15 and the part paid late. The Income Tax (Eighth Amendment) Rules, 2025 substituted that clause from 1 Apr 2025 ([Form 3CD](https://www.incometaxindia.gov.in/documents/d/guest/103120000000007767-pdf-3)).

From tax year 2026-27, [Form 26](https://www.incometaxindia.gov.in/documents/20117/16172450/Form-No-26.pdf/6b6807ee-0a0e-ad6c-0c14-1064ff523fef) clause 33 has three items:

- **33(a):** interest not allowable under section 23 of the MSMED Act, to the extent debited to profit and loss.
- **33(b):** the amount debited to profit and loss that is disallowable under section 37(2)(g).
- **33(c):** the amount disallowed under section 37(2)(g) in any preceding tax year but allowable during the tax year.

The ITR-6 for AY 2026-27 has matching lines in Part A-OI. Item 11h takes sums disallowable in the year, item 10h earlier sums allowable now, and item 17 section 23 interest. Our guide to the [tax audit under section 63 and Form 26](/insights/tax-audit-under-income-tax-act-2025-form-26) maps the other clauses.

## How does the rule apply to FY 2025-26 dues paid in 2026-27?

The FY 2025-26 return disallows the expense under section 43B(h). Our reading is that the company deducts it under section 37(1) in tax year 2026-27, the year of payment. Section 37(1) applies irrespective of "the tax year in which the liability was incurred".

No official text settles the point yet. [Section 536](https://www.incometaxindia.gov.in/w/section-536-1), the repeal and savings section, has no clause on section 43B. The CBDT transition FAQs of July 2026 are silent too. Form 26 clause 33(c) refers to amounts "disallowed under section 37(2)(g)", which does not describe a 1961 Act disallowance.

We report the FY 2025-26 amount in clause 33(c) with a note that section 43B(h) disallowed it. We look for CBDT guidance before the tax year 2026-27 audit, due 30 Sep 2027. Meanwhile we schedule each 43B(h) disallowance by supplier, invoice and payment date. The schedule links the add back to the deduction and blocks a double claim under section 37(5).

| Liability year | Paid in | Add back in | Reported in | Deduction in | Reported in |
|---|---|---|---|---|---|
| FY 2024-25 | FY 2025-26 | FY 2024-25 return | Form 3CD clause 22 | FY 2025-26 | ITR-6 Part A-OI item 10h, AY 2026-27 |
| FY 2025-26 | Tax year 2026-27 | FY 2025-26 return | Form 3CD clause 22; ITR-6 Part A-OI item 11h | Tax year 2026-27 (our reading) | Form 26 clause 33(c), with a note (our approach) |
| Tax year 2026-27 | Tax year 2027-28 | Tax year 2026-27 return | Form 26 clause 33(b) | Tax year 2027-28 | Form 26 clause 33(c) |

Our overview of [what the Income Tax Act, 2025 changed for foreign owned companies](/insights/income-tax-act-2025-changes-for-foreign-owned-companies) covers the move from previous year to tax year.

## What interest is payable on a late payment?

Section 16 of the MSMED Act charges compound interest with monthly rests at three times the bank rate notified by the Reserve Bank of India (RBI). At the bank rate of 5.50 percent on 1 Oct 2026, that is 16.5 percent a year. Interest runs from the day after the agreed date, or from the appointed day where nothing was agreed.

The bank rate moved to 5.50 percent on 5 Dec 2025, when the RBI cut the repo rate to 5.25 percent ([Governor's statement](https://rbi.org.in/Scripts/BS_PressreleaseDisplay.aspx?prid=61750)). The Monetary Policy Committee held the repo rate in April 2026 ([RBI Bulletin, April 2026](https://www.rbi.org.in/Scripts/BS_ViewBulletin.aspx?Id=24109)). The [RBI homepage](https://www.rbi.org.in/) still showed a 5.50 percent bank rate on 1 Oct 2026. Before 5 Dec 2025 it was 5.75 percent, giving 17.25 percent.

The Act sets no day count and does not say whether the rate moves with each change. We apply the rate in force for each period, count the first and last day, and use a 365 day year.

| Step | Case A: 45 day written terms | Case B: no written terms |
|---|---|---|
| Amount owed (INR) | 18,00,000 | 18,00,000 |
| Acceptance | 10 Feb 2026 | 10 Feb 2026 |
| Last day to pay | 27 Mar 2026 | 25 Feb 2026 |
| Interest starts | 28 Mar 2026 | 26 Feb 2026 (appointed day) |
| Paid | 20 Apr 2026 | 20 Apr 2026 |
| Days of delay | 24 | 54 |
| Annual rate | 16.5% (3 x 5.50%) | 16.5% (3 x 5.50%) |
| First monthly rest (INR) | None, delay under a month | 26 Feb to 25 Mar: 18,00,000 x 16.5% / 12 = 24,750 |
| Remaining period (INR) | 24 days: 18,00,000 x 16.5% x 24 / 365 = 19,529 | 26 days on 18,24,750: 21,447 |
| Total interest (INR) | 19,529 | 46,197 |
| Without monthly compounding (INR) | 19,529 | 43,940 |

Case B shows the cost of having nothing in writing. The same invoice, paid the same day, carries more than twice the interest. Case A stays under a month, so compounding never starts. Suppliers often do not claim this interest while trading continues, but the liability remains and section 22 requires its disclosure.

## What must the financial statements disclose?

Under section 22 of the MSMED Act, a buyer whose accounts are audited under any law discloses five items about micro and small suppliers. Schedule III to the Companies Act, 2013 also splits trade payables into MSME and other dues, with an ageing schedule. Every Indian company is audited, so both apply. The table uses Case A.

| Section 22 item | What it asks for | Case A at 31 Mar 2026 (INR) |
|---|---|---|
| (i) | Principal and interest due, shown separately, unpaid to any supplier at the year end | Principal 18,00,000; interest 3,255 |
| (ii) | Interest paid under section 16, with the payments made beyond the appointed day during the year | Nil |
| (iii) | Interest due for the delay on payments made late during the year, without adding section 16 interest | Nil |
| (iv) | Interest accrued and unpaid at the year end | 3,255 |
| (v) | Further interest due in later years until paid, for the section 23 disallowance | 16,274 (1 Apr to 20 Apr 2026) |

Year end interest is 18,00,000 x 16.5% x 4 / 365, for 28 to 31 Mar 2026. The other 16,274 covers 20 days in April, and the two total 19,529.

Schedule III, as amended in March 2021, has four ageing rows: MSME; Others; Disputed dues, MSME; and Disputed dues, Others ([Gazette of India](https://egazette.gov.in/WriteReadData/2021/226114.pdf)).

Once its new section 27 is in force, the MSMED (Amendment) Act, 2026 penalises a buyer that breaches section 22. A first breach brings a warning, and a second a penalty of INR 10,000 to INR 50,000. A third or later breach is punishable with a fine of INR 50,000 to INR 1,00,000.

A group reporting pack rarely has an MSME column, so we add an MSME vendor schedule to the Indian year end close. Our note on the [statutory audit of a foreign owned subsidiary](/insights/statutory-audit-foreign-owned-indian-subsidiary) lists the auditor's other requests.

## What happens if you file MSME Form 1 late or not at all?

Section 405(4) of the Companies Act, 2013 applies. The company and every officer in default are each liable to a penalty of INR 20,000. A continuing failure adds INR 1,000 for each day after the first, up to INR 3,00,000. The same penalty applies to information that is incorrect or incomplete in any material respect ([section 405](https://www.incometaxindia.gov.in/w/section-405-2)). We file a late return with correct figures as soon as we find the gap.

| Failure | Provision | Consequence |
|---|---|---|
| MSME Form 1 not filed, or filed late | Section 405(4), Companies Act, 2013 | INR 20,000, plus INR 1,000 a day, up to INR 3,00,000, for the company and every officer in default |
| MSME Form 1 incorrect or incomplete | Section 405(4) | Same penalty |
| Payment after the section 15 deadline | Section 16, MSMED Act | Compound interest at three times the bank rate, monthly rests |
| Interest paid to the supplier | Section 23, MSMED Act | Not deductible for income tax |
| Expense paid after the deadline and after the year end | Section 37(2)(g), Income Tax Act, 2025 (43B(h) before) | Deduction moves to the year of payment |
| Supplier reference to the council | Sections 18 and 19, MSMED Act | Decision within 90 days of the reference; 75% deposit to challenge; new timelines once the 2026 amendment starts |

## What can a supplier do if it is not paid on time?

A micro or small supplier can file a delayed payment application on the [MSME Samadhaan portal](https://samadhaan.msme.gov.in/MyMsme/MSEFC/MSEFC_Welcome.aspx). The case goes to the state's Micro and Small Enterprises Facilitation Council (MSEFC), chaired by the state's Director of Industries. Under section 18 as originally enacted, the council first tries conciliation and then arbitrates. It must decide within 90 days of the reference.

Under section 19, a buyer must deposit 75 percent of the award before a court hears its challenge. The Supreme Court held in Silpi Industries that the Limitation Act, 1963 applies to these arbitrations (para 18).

The MSMED (Amendment) Act, 2026 rewrites this. Parliament passed it on 7 Aug 2026 ([PIB](https://pib.gov.in/PressReleasePage.aspx?PRID=2296358)). It became Act 16 of 2026 on 13 Aug 2026 ([Gazette copy on msme.gov.in](https://msme.gov.in/static/uploads/2026/09/96a576af2b06519ec2f248c310fcfdfb.pdf)). Each provision starts on a date the Central Government notifies. The changes that matter to a buyer:

1. Mediation must finish within 90 days from the date fixed for first appearance (new section 18(3A)).
2. A failed mediation goes to arbitration within 30 days. The award follows within 90 days from the completion of pleadings (sections 18(4) and 18(4A)).
3. The 75 percent deposit stays. Once a challenge has been pending for more than six months, the court must pay the supplier at least 50 percent of the award (new section 19).
4. A State Government can recover an award as an arrear of land revenue (new section 18A).
5. Central public sector enterprises must settle MSME invoices through TReDS (new section 15A).

Registration becomes free and voluntary, but section 2(n) still defines a supplier by its filed memorandum. Check the Gazette for a commencement notification before you rely on the new timelines. On an award of INR 20,00,000, the deposit alone locks up INR 15,00,000 while a challenge runs.

## What changed in 2026

The tax rule moved to a new Act on 1 Apr 2026, with no change in substance. Parliament amended the MSMED Act in August 2026, with commencement left to notification. MSME Form 1 itself last changed on 15 Jul 2024. The vendor limits changed from 1 Apr 2025 and the interest rate from 5 Dec 2025.

| Change | Old rule | New rule | From | Instrument |
|---|---|---|---|---|
| Tax rule on late payments to micro and small suppliers | Section 43B(h), Income Tax Act, 1961 | Section 37(2)(g), Income Tax Act, 2025 | 1 Apr 2026 | Income Tax Act, 2025 (Act 30 of 2025) |
| Year of deduction | Previous year of actual payment | Tax year of actual payment | 1 Apr 2026 | Section 37(1), Income Tax Act, 2025 |
| Return due date relief | Proviso to section 43B excluded clause (h) | Section 37(3) excludes clause (g) | 1 Apr 2026 | Income Tax Act, 2025 |
| Tax audit reporting | Form 3CD clause 22 | Form 26 clause 33(a), (b) and (c) | Tax year 2026-27 | Income Tax Rules, 2026, G.S.R. 198(E), 20 Mar 2026 |
| Facilitation council process | Conciliation, then arbitration; decision within 90 days | Mediation in 90 days; award in 90 days from pleadings; at least 50% of the award paid from the deposit after six months | Date to be notified | MSMED (Amendment) Act, 2026 (Act 16 of 2026) |
| TReDS for central public sector enterprises | Onboarding under the notification of 7 Nov 2024 | Settle all MSME invoices through TReDS (section 15A) | Date to be notified | MSMED (Amendment) Act, 2026 |
| Penalty for breaching section 22 | Section 27 as enacted in 2006 | Warning, then INR 10,000 to INR 50,000, then a fine up to INR 1,00,000 | Date to be notified | MSMED (Amendment) Act, 2026 |
| Interest rate under section 16 | 17.25% (3 x bank rate of 5.75%) | 16.5% (3 x bank rate of 5.50%) | 5 Dec 2025 | RBI monetary policy decision |
| Micro and small limits | Micro INR 1 crore and INR 5 crore; small INR 10 crore and INR 50 crore | Micro INR 2.5 crore and INR 10 crore; small INR 25 crore and INR 100 crore | 1 Apr 2025 | S.O. 1364(E), 21 Mar 2025 |
| Form 3CD clause 22 | Interest inadmissible under section 23 only | Adds amounts due under section 15, paid in time or late | 1 Apr 2025 | Income Tax (Eighth Amendment) Rules, 2025 |
| Who files MSME Form 1, and its content | Every specified company; amount due and reasons | Only companies with payments pending over 45 days; a table by supplier with PAN | 15 Jul 2024 | S.O. 2751(E), 15 Jul 2024 |

Our [compliance calendar for 2026-27](/insights/compliance-calendar-foreign-owned-company-india-2026-27) places these dates alongside the other filings.

## Worked example

IndiaCo Private Limited is a hypothetical company owned by a Singapore parent. It pays tax under section 115BAA (section 200 from tax year 2026-27) at an effective 25.168 percent. That is 22 percent, plus 10 percent surcharge and 4 percent cess. It buys packaging on 45 day terms from a small manufacturing enterprise registered on Udyam before the order.

The supplier delivers and invoices INR 18,00,000 on 10 Feb 2026, and IndiaCo raises no objection. The group payables team runs a 60 day cycle and pays on 20 Apr 2026.

### Find the deadline

Acceptance is 10 Feb 2026. Day 45 is 27 Mar 2026, so the payment is late from 28 Mar 2026. On 31 Mar 2026 the invoice is 49 days old.

### MSME Form 1 filings

| Return | Period | Due date | IndiaCo reports | Form column |
|---|---|---|---|---|
| Second half, FY 2025-26 | 1 Oct 2025 to 31 Mar 2026 | 30 Apr 2026 | INR 18,00,000 outstanding for more than 45 days on 31 Mar 2026, with the reason | Outstanding for more than 45 days |
| First half, FY 2026-27 | 1 Apr 2026 to 30 Sep 2026 | 31 Oct 2026 | INR 18,00,000 paid on day 69 | Paid after 45 days |

The April return reports the position on 31 Mar 2026, so the 20 Apr payment does not change it. The payment stayed pending beyond 45 days into April. In our reading of the proviso and the form's note, IndiaCo reports it again for April to September 2026.

### Interest and accounts

Interest for 24 days at 16.5 percent is INR 19,529, of which INR 3,255 accrues by 31 Mar 2026. The FY 2025-26 accounts disclose principal of INR 18,00,000 and interest of INR 3,255 under section 22. The trade payables ageing shows INR 18,00,000 in the MSME row.

### Tax for FY 2025-26 and tax year 2026-27

| Item | FY 2025-26 (AY 2026-27), Income Tax Act, 1961 | Tax year 2026-27, Income Tax Act, 2025 |
|---|---|---|
| Purchase in profit and loss (INR) | 18,00,000 | Nil |
| MSMED interest in profit and loss (INR) | 3,255 | 16,274 |
| Add back for late payment (INR) | 18,00,000 under section 43B(h) | Nil |
| Deduction on payment (INR) | Nil | 18,00,000 under section 37(2)(g) (our reading) |
| Add back of interest under section 23 (INR) | 3,255 | 16,274 |
| Tax audit report | Form 3CD clause 22: (i) 3,255; (ii) 18,00,000; (iii)(b) 18,00,000 | Form 26 clause 33(a) 16,274; 33(c) 18,00,000 (our approach) |
| Return | ITR-6 Part A-OI items 11h and 17 | Return form for tax year 2026-27 |
| Due date | Tax audit 21 Oct 2026; return 21 Nov 2026 (CBDT Circular No. 07/2026) | Tax audit 30 Sep 2027; return 31 Oct 2027 |

The add back raises FY 2025-26 taxable income by INR 18,00,000. At 25.168 percent, IndiaCo pays INR 4,53,024 of tax a year early and recovers it in tax year 2026-27. If advance tax ignored the add back, interest under sections 234B and 234C can follow.

The INR 19,529 of interest gets no tax relief, which costs another INR 4,915 of tax. So 24 days of delay cost INR 19,529 in cash and moved INR 4,53,024 of tax forward a year. They also created two MSME Form 1 filings.

### A payment on day 30 with no written terms

IndiaCo accepts INR 5,00,000 of goods from a micro supplier on 1 Jul 2026, with nothing in writing about credit. The last day to pay is 16 Jul 2026, and IndiaCo pays on 31 Jul 2026.

| Rule | Result |
|---|---|
| Section 16 interest | 15 days, 17 Jul to 31 Jul 2026: 5,00,000 x 16.5% x 15 / 365 = INR 3,390 |
| MSME Form 1, April to September 2026 | Nothing to report, because the payment was made within 45 days |
| Section 37(2)(g) | No timing effect, because payment falls in the same tax year |
| Section 23 | INR 3,390 of interest is not deductible |

MSME Form 1 stays silent here, yet interest is owed. A written credit term in the purchase order prevents this.

## Common mistakes

1. **Treating 45 days as the default.** With nothing in writing, section 15 allows 15 days. Fix: put credit terms of up to 45 days in every purchase order.
2. **Counting from the invoice or ERP posting date.** The clock starts at acceptance. Fix: record the goods receipt date, and object in writing within 15 days.
3. **Applying group payment terms to Indian micro and small vendors.** A 60 or 90 day policy breaches section 15. Fix: flag these vendors and pay them in a separate run.
4. **Relying on GST registration to spot MSMEs.** GST data does not show Udyam status. Fix: collect and verify the Udyam certificate each April.
5. **Skipping MSME Form 1 because the invoice was paid before the due date.** The April return reports the position on 31 March. Fix: file for that half year.
6. **Filing a nil MSME Form 1.** The 2024 proviso removed the need. Fix: keep a note that no payment crossed 45 days.
7. **Claiming the deduction because payment came before the return due date.** Section 37(3) excludes clause (g). Fix: deduct in the year of payment only.
8. **Deducting MSMED interest.** Section 23 denies it. Fix: add it back and report it in the tax audit report.
9. **Writing an interest waiver into the contract.** Section 16 overrides any agreement. Fix: pay on time.
10. **Leaving the MSME disclosure out of the Indian accounts.** Fix: add the section 22 table and the Schedule III ageing to the year end close.
11. **Losing FY 2025-26 disallowances in the move to the 2025 Act.** Fix: track each invoice until it is paid and deducted.

To have us test your vendor list before the 31 Oct 2026 MSME Form 1 return, send your supplier ledger through our [contact page](/contact).

## MSME Form 1 and supplier payment checklist

1. Collect the Udyam Registration Certificate from every Indian vendor at onboarding.
2. Verify each Udyam number on the Udyam portal and save the result with the date.
3. Record the enterprise type, activity and registration date in the vendor master, and compare that date with the purchase order date.
4. Write credit terms of 45 days or fewer into each purchase order with a micro or small supplier.
5. Capture the acceptance date for each delivery or service.
6. Object in writing within 15 days of delivery when quality or quantity is wrong.
7. Run a weekly report of micro and small invoices near their section 15 date.
8. Pay those suppliers before the section 15 date, ahead of the group payment cycle.
9. Compute and book section 16 interest on any late payment.
10. Prepare MSME Form 1 from the supplier ageing at 30 September and 31 March.
11. File MSME Form 1 by 31 October and 30 April with a director's or company secretary's digital signature.
12. Disclose the section 22 items and the Schedule III MSME ageing in the annual accounts.
13. Add back late payments and MSMED interest, and report them in the tax audit report.
14. Deduct each late payment in the tax year it is paid.
15. Refresh vendor declarations every April.

| Date | Task | Rule |
|---|---|---|
| 31 Mar 2026 | Year end MSME ageing; section 22 disclosure in the FY 2025-26 accounts | MSMED Act, section 22; Schedule III |
| 30 Apr 2026 | MSME Form 1 for 1 Oct 2025 to 31 Mar 2026 | Order, paragraph 3 |
| 30 Sep 2026 | Half year end ageing for MSME Form 1 | Order, paragraph 3 |
| 21 Oct 2026 | FY 2025-26 tax audit with Form 3CD clause 22, without a transfer pricing report (moved from 30 Sep 2026) | Section 44AB, Income Tax Act, 1961; CBDT Circular No. 07/2026 |
| 31 Oct 2026 | MSME Form 1 for 1 Apr 2026 to 30 Sep 2026 | Order, paragraph 3 |
| 21 Nov 2026 | ITR-6 for AY 2026-27 without a transfer pricing report (moved from 31 Oct 2026) | Section 139(1), Income Tax Act, 1961; CBDT Circular No. 07/2026 |
| 31 Mar 2027 | Year end MSME ageing for tax year 2026-27 | MSMED Act, section 22 |
| 30 Apr 2027 | MSME Form 1 for 1 Oct 2026 to 31 Mar 2027 | Order, paragraph 3 |
| 30 Sep 2027 | Tax audit for tax year 2026-27 with Form 26 clause 33 | Section 63, Income Tax Act, 2025 |

A company with a transfer pricing report files its FY 2025-26 tax audit by 31 Oct 2026 and return by 30 Nov 2026. Our [accounting and bookkeeping team](/services/accounting-bookkeeping.html) builds the supplier ageing monthly, and our [foreign subsidiary compliance guide](/insights/foreign-subsidiary-compliance-india-the-complete-2026-guide) lists the other filings.

## Frequently Asked Questions

### Does a company file MSME Form 1 if no micro or small supplier was paid late?
No. Since S.O. 2751(E) of 15 Jul 2024, only companies with a payment to a micro or small enterprise pending for more than 45 days from acceptance file MSME Form 1. A company that paid all such suppliers within 45 days in the half year files nothing. Keep a note of the ageing check for the auditor.

### Does a company that is itself an MSME need to file MSME Form 1?
Yes, if it owes a micro or small supplier beyond 45 days. The Order made under section 405 of the Companies Act, 2013 has no exemption for a buyer that is itself micro, small or medium. Section 15 of the MSMED Act also binds every buyer, whatever its size.

### Does an LLP file MSME Form 1?
No. The Order applies to companies, so a limited liability partnership files no MSME Form 1. An LLP is still a buyer under section 2(d) of the MSMED Act. It owes section 16 interest, and section 37(2)(g) of the Income Tax Act, 2025 still moves its deduction to the year of payment.

### Can a micro or small supplier agree in writing to 60 or 90 day credit terms?
No. The proviso to section 15 of the MSMED Act says the agreed period can in no case exceed 45 days from acceptance. A longer term in a purchase order does not extend the deadline. Section 16 interest runs from day 46, and the deduction moves to the year of payment if a year end falls in between.

### Does the 45 day period run from the invoice date?
No. It runs from acceptance or deemed acceptance under section 2(b) of the MSMED Act. That is the day of delivery or service, unless the buyer objects in writing within 15 days. A later invoice does not restart the clock, so record the delivery date.

### Are payments to a medium enterprise covered by section 37(2)(g)?
No. Section 37(2)(g) of the Income Tax Act, 2025 covers amounts payable to a micro or small enterprise, as section 43B(h) did before 1 Apr 2026. Since 1 Apr 2025, a vendor with investment above INR 25 crore or turnover above INR 100 crore is at least medium.

### Are retail and wholesale traders on Udyam covered by the 45 day rule?
Our reading is no. Traders could register on Udyam from 2 Jul 2021, but the Ministry of MSME says their benefits are "restricted to Priority Sector Lending only". We treat a trader as outside section 15, MSME Form 1, section 43B(h) and section 37(2)(g).

### What if the supplier registered on Udyam after the purchase order?
In Silpi Industries v. Kerala State Road Transport Corporation (29 Jun 2021), the Supreme Court held that a seller must be registered on the contract date to claim MSMED Act benefits. A supplier that registers later is outside section 15 for that contract. Orders placed after registration are inside it.

### Is interest paid to an MSME supplier deductible for income tax?
No. Section 23 of the MSMED Act bars the deduction. Form 3CD clause 22(i) reports this interest for FY 2025-26, and Form 26 clause 33(a) from tax year 2026-27. Unlike the principal, the interest is never deductible.

### Can the buyer and supplier agree to waive section 16 interest?
No. Section 16 applies "notwithstanding anything contained in any agreement between the buyer and the supplier". A supplier may choose not to claim while trading continues, but it can still go to the Facilitation Council under section 18. The buyer must still disclose the interest under section 22.

### If a payment crosses 31 March but stays within 45 days, is the expense deductible for that year?
Yes, in our reading. Section 37(2)(g) and the old section 43B(h) cover sums payable "beyond the time limit specified in section 15". A payment on or before the section 15 date is not beyond it, even after the year end. Form 3CD clause 22 separates the two.

### Which tax audit form reports MSME dues from tax year 2026-27?
Form 26, the tax audit report under section 63 of the Income Tax Act, 2025. Clause 33(a) reports section 23 interest, clause 33(b) amounts disallowable under section 37(2)(g), and clause 33(c) earlier disallowances now allowable. For FY 2025-26, Form 3CD clause 22 does this job.

### What RBI bank rate applies to MSME interest in 2026?
The RBI bank rate moved to 5.50 percent on 5 Dec 2025, and the RBI homepage showed the same rate on 1 Oct 2026. Section 16 of the MSMED Act uses three times the bank rate, so interest is 16.5 percent a year, compounded monthly.

### Who signs MSME Form 1?
An authorised signatory signs with a digital signature, usually a director or the company secretary. The form asks for the signatory's designation and identification number. A wrong figure attracts the same section 405(4) penalty as a missed filing.

### Does a foreign parent's intercompany invoice count for MSME Form 1?
No. MSME Form 1 and section 15 of the MSMED Act cover micro and small enterprises registered in India on Udyam, and a foreign parent is not one. Transfer pricing and FEMA rules govern the balance. Our note on [transfer pricing between a US parent and an Indian subsidiary](/insights/transfer-pricing-us-parent-indian-subsidiary) covers that side.

### How long does an MSE Facilitation Council take to decide a claim?
Section 18(5) of the MSMED Act, as originally enacted, gives the council 90 days from the reference. Once notified, the MSMED (Amendment) Act, 2026 replaces this with 90 days for mediation and 90 days from pleadings for an award. A buyer must deposit 75 percent of an award before challenging it.

### Does GST input tax credit also depend on paying the supplier?
Yes. Under the second proviso to section 16(2) of the CGST Act, 2017, a buyer that does not pay within 180 days of the invoice pays back the credit with interest under section 50. Rule 37 of the CGST Rules, 2017 lets it claim the credit again on payment.

### Does section 37(2)(g) apply to the purchase of a capital asset?
Our reading is no. Section 37(1) covers sums "otherwise allowable as a deduction", and a capital asset is not deducted as an expense when bought. Depreciation follows its own rules. Section 16 interest and MSME Form 1 still apply, because section 15 covers all goods and services.

## Sources

- Ministry of Corporate Affairs, Specified Companies (Furnishing of information about payment to micro and small enterprise suppliers) Amendment Order, 2024, S.O. 2751(E), 15 Jul 2024, Gazette of India, https://egazette.gov.in/WriteReadData/2024/255437.pdf
- Ministry of Corporate Affairs, Specified Companies (Furnishing of information about payment to micro and small enterprise suppliers) Order, 2019, S.O. 368(E), 22 Jan 2019, MCA orders page, https://www.mca.gov.in/content/mca/global/en/acts-rules/ebooks/others.html
- Income Tax Department, Companies Act, 2013, section 405, read 1 Oct 2026, https://www.incometaxindia.gov.in/w/section-405-2
- Ministry of MSME, Micro, Small and Medium Enterprises Development Act, 2006 (sections 2, 9, 15 to 19, 22 to 24), read 1 Oct 2026, https://www.dcmsme.gov.in/MSMED2006.pdf
- Ministry of MSME, Micro, Small and Medium Enterprises Development Act, 2006, MSME Samadhaan copy, https://samadhaan.msme.gov.in/WriteReadData/DocumentFile/MSMED2006act.pdf
- Ministry of Law and Justice, Micro, Small and Medium Enterprises Development (Amendment) Act, 2026 (Act 16 of 2026), Gazette of India, 13 Aug 2026, copy on msme.gov.in, read 1 Oct 2026, https://msme.gov.in/static/uploads/2026/09/96a576af2b06519ec2f248c310fcfdfb.pdf
- Press Information Bureau, Ministry of MSME, The Micro, Small and Medium Enterprises Development (Amendment) Bill, 2026 passed by Parliament, 7 Aug 2026, https://pib.gov.in/PressReleasePage.aspx?PRID=2296358
- Press Information Bureau, factsheet on the MSMED (Amendment) Bill, 2026, 11 Aug 2026, https://static.pib.gov.in/WriteReadData/specificdocs/documents/2026/aug/doc2026811951101.pdf
- Ministry of MSME, MSME Samadhaan portal, MSEFC page, read 1 Oct 2026, https://samadhaan.msme.gov.in/MyMsme/MSEFC/MSEFC_Welcome.aspx
- Ministry of MSME, Notification S.O. 1364(E), 21 Mar 2025 (revised classification from 1 Apr 2025), https://www.dcmsme.gov.in/Notification-S.O-no-1364-E-dated-21.03.2025-Revised-Definition.pdf
- Ministry of MSME, Notification S.O. 2119(E), 26 Jun 2020 (classification and Udyam Registration), https://dcmsme.gov.in/State-Gov/Notification_%20S%20O%202119.pdf
- Ministry of MSME, Udyam Registration portal, read 27 Sep 2026, https://udyamregistration.gov.in/
- Press Information Bureau, Year End Review 2021, Ministry of MSME, 30 Dec 2021, https://pib.gov.in/PressReleasePage.aspx?PRID=1786356
- Press Information Bureau, Ministry of MSME release on the MSE Cluster Development Programme (Udyam Assist Platform, S.O. 1296(E) of 20 Mar 2023), 23 Mar 2026, https://pib.gov.in/PressReleasePage.aspx?PRID=2244000
- Press Information Bureau, Ministry of MSME release on access to finance and timely payments (TReDS limit, notification of 7 Nov 2024), 1 Dec 2025, https://pib.gov.in/PressReleasePage.aspx?PRID=2196858
- Income Tax Department, Income Tax Act, 2025, section 37, read 1 Oct 2026, https://www.incometaxindia.gov.in/w/section-37-176
- Income Tax Department, Income Tax Act, 1961, section 43B, read 1 Oct 2026, https://www.incometaxindia.gov.in/w/section-43b-42
- Income Tax Department, Income Tax Act, 2025, section 536, read 1 Oct 2026, https://www.incometaxindia.gov.in/w/section-536-1
- CBDT, FAQs on transition provisions of the Income Tax Act, 2025, July 2026, read 1 Oct 2026, https://www.incometaxindia.gov.in/documents/d/guest/faqs-on-transition-provisions-pdf
- Income Tax Department, Form 3CD with amendment footnotes, read 1 Oct 2026, https://www.incometaxindia.gov.in/documents/d/guest/103120000000007767-pdf-3
- Income Tax Department, Form No. 26, read 1 Oct 2026, https://www.incometaxindia.gov.in/documents/20117/16172450/Form-No-26.pdf/6b6807ee-0a0e-ad6c-0c14-1064ff523fef
- Income Tax Department, ITR-6 for AY 2026-27, read 1 Oct 2026, https://www.incometaxindia.gov.in/documents/d/guest/itr-6-2026-eng-1-pdf
- CBDT, Circular No. 07/2026, extension of timelines for audit reports and returns for AY 2026-27, 28 Sep 2026, https://www.incometax.gov.in/iec/foportal/sites/default/files/2026-09/Circular-7-2026.pdf
- CBIC, CGST Act, 2017, section 16, read 1 Oct 2026, https://taxinformation.cbic.gov.in/content/html/tax_repository/gst/acts/2017_CGST_act/active/chapter5/section16_v1.00.html
- CBIC, CGST Rules, 2017, rule 37, read 1 Oct 2026, https://taxinformation.cbic.gov.in/content/html/tax_repository/gst/rules/cgst_rules/active/chapter5/rule37_v1.00.html
- Reserve Bank of India, Governor's Statement, 5 Dec 2025, https://rbi.org.in/Scripts/BS_PressreleaseDisplay.aspx?prid=61750
- Reserve Bank of India, RBI Bulletin, State of the Economy, April 2026, https://www.rbi.org.in/Scripts/BS_ViewBulletin.aspx?Id=24109
- Reserve Bank of India, homepage policy rates as on 1 Oct 2026, https://www.rbi.org.in/
- Supreme Court of India, Silpi Industries v. Kerala State Road Transport Corporation, 29 Jun 2021, https://api.sci.gov.in/supremecourt/2017/36008/36008_2017_35_1501_28105_Judgement_29-Jun-2021.pdf
- Ministry of Corporate Affairs, amendment to Schedule III of the Companies Act, 2013, March 2021, Gazette of India, https://egazette.gov.in/WriteReadData/2021/226114.pdf

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