Addition of clause (h) of Section 43B: Income Tax Implication on delay payment to Micro and Small Enterprises Registered under MSME Act,2006.

As per the Amendment made by the Finance Act, 2023 clause (h) has been inserted under section 43B, emphasizing that any sum payable by an assessee to a micro or small enterprise beyond the time limit specified in Section 15 of the MSMED Act , 2006 shall not be allowed as a deduction in the year in which the payment is due rather it shall be allowed as deduction only in the year in which the payment is actually made.


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