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Excel Template for Applicability of Section 43B(h) of income Tax Act

The Finance Act 2023 added one more item to the list in Section 43B by virtue of clause (h), the deduction of which shall be allowed on a payment basis. It provides that any sum payable to a micro or small enterprise (MSE) beyond the time limit specified in Section 15 of the Micro, Small and Medium Enterprises Development Act 2006 (MSMED Act) shall be allowed as a deduction in the previous year in which such sum is actually paid.

In this Excel template, I have included the provision of Section 43B(h) and explored the challenges it presents for businesses seeking to maintain smooth and compliant payment practices with MSEs. The user has to choose the suitable option and enter the relevant date of invoice/acceptance date with the date of payment. The results define the disallowance amount in the respective financial year as per the Income Tax Act.

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