Question
Within how many days should payment to an MSME supplier
be made to allow it as an expense, for the computation of income under Income Tax Act?Solution
The Finance Act 2023 introduced an amendment to the Income Tax Act by adding clause (h) to Section 43B. This clause stipulates that any payments owed to MSMEs, not resolved within 45 days , will not qualify for tax deductions until the payment is made. The aim is to motivate larger entities to prioritise their settlements with MSME counterparts, thereby promoting a more robust economic environment for these smaller businesses.
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