Question
What was the significant change made to Section 43B of
the Income-tax Act 1961 in April 2024 this year?Solution
In April, a new clause (h) was added to Section 43B of the Income-tax Act 1961. This clause specifies that any payment due to micro or small enterprises beyond a 45-day period will be allowed as a tax deduction only when the payment is actually made . This change was aimed at ensuring timely payments to MSEs, addressing their cash flow issues, and encouraging prompt settlement of dues by buyers, thereby supporting the financial health of small businesses. Â
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