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Jun 10, 2024 · Section 43B(h) of the Income-Tax Act (ITA), 1961, introduces a significant compliance challenge for entities. However, with a clear understanding of the provision and a proactive approach to managing vendor payments, enterprises can navigate these requirements successfully.
Mar 27, 2024 · Explore Section 43B(h) of the Income Tax Act 1961, effective from April 1, 2024, applicable from Assessment Year 2024-25, impacting timely payments to micro and small enterprises.
Feb 14, 2024 · Section 43B of the Income-tax Act mandates the deduction of specific expenses on a payment basis, including sums to MSMEs if paid by the return due date, with recent amendments emphasizing timely payments to MSEs.
A. Sec. 43B(h) of Income Tax Act 1961, reads as under: Any sum payable by the assessee to a micro or small enterprise beyond the time limit specified in section 15 of the Micro, Small and Medium Enterprises Development Act, 2006 (27 of 2006),
Mar 21, 2024 · New clause (h) under Section 43B, is added vide finance Act 2023. Section 43B of Income tax Act 1961 allows a taxpayer to claim deductions on certain on payment basis.
Jul 4, 2024 · Section 43B is related to the head ‘ Income from business and profession’. It states that some statutory expenses can be claimed as deductions from business income only in the year of actual payment, irrespective of the year of accrual of its liability.
Jan 16, 2024 · Understand the impact of Section 43B(h) on MSME in the Income Tax Act from AY 2024-25. Learn about payment timelines, allowances, and disallowances for expenses incurred with Micro and Small Enterprises.
