Finance : Explore the recent amendment to Section 43B of the Income Tax Act aimed at bolstering the financial well-being of MSMEs through ti...
Income Tax : Learn about Section 43B(h) of the Income-tax Act, 1961, allowing deductions for MSME payments only on actual payment basis. Unders...
Income Tax : In order to protect and promptly make payments to the MSEs, Clause (h) in Section 43B, inserted vide the Finance Act 2023, provide...
Income Tax : Learn about Section 43B(h) of the Income Tax Act, a new rule aiding small businesses by ensuring timely payments and tax deduction...
Income Tax : Learn how to avoid non-compliance under MSME for non-payment to small and micro enterprises. Understand the implications and strat...
Income Tax : Discover how proposed amendment in Section 43B of Income Tax Act, 1961, affects MSMEs. Learn about potential challenges and sugges...
Income Tax : Live Webinar with Book on Section 43B(h) (Financial Fitness) on 10th May 2024, 6:00 pm to 8:00 pm. CA Manoj Lamba will break down ...
Income Tax : Explore how the new 43 B (h) clause of the IT Act impacts Kerala Textiles and Garments Dealers Welfare Association and their appea...
Corporate Law : Read the Karnataka State Chartered Accountants Associations representation on the challenges and proposed solutions regarding disa...
Income Tax : All Gujarat Federation of Tax Consultants urges Finance Minister for reconsideration of Income Tax Act amendment affecting MSME pa...
Income Tax : Learn about the ITAT Kolkata ruling where employer's PF contribution disallowance under Sec 36(1)(va) was upheld. Full text of the...
Income Tax : Chennai ITAT ruled that incorrect classification in ITR cannot deny genuine deductions. Learn about the National Contracting Compa...
Income Tax : Detailed analysis of Karnataka State Co-operative Agriculture and Rural Development Bank Ltd. vs. ITO case. Interest/Dividend inco...
Income Tax : ITAT Amritsar decision on Aay Kay Manufacturing Co. Vs ITO-CPC discusses TCS payable and Section 43B compliance, offering key insi...
Income Tax : In the case of Karur Vysya Bank Ltd. vs. DCIT, ITAT Chennai rejects AO's disallowance of stale drafts, citing precedent and bankin...
Income Tax : Central Board of Direct Taxes (CBDT) has recently issued a crucial notification concerning the payment of interest on loans to Non...
Corporate Law : Explore how the recent policy update impacts MSMEs and traders regarding delayed payment benefits under the MSMED Act, 2006. Insig...
Income Tax : Disallowances made under sections 32, 40(a)(ia), 40A(3), 43B, etc. of the Act and other specific disallowances, related to the bus...
Income Tax : Income Tax Circular No. 22/2015 W.c.f. 1.4.1988, the settled position is that if the assessee deposits any sum payable by it by wa...
Income Tax : Whether the liability has been deferred or not has to be considered not from the simplistic point of the term 'defer' but in conte...
ITAT Chandigarh held that late deposit of employees’ share of PF/ ESI contribution to the relevant funds beyond prescribed due date as per respective Act is liable to be disallowed.
Patna High Court held that sub-section (5A) of section 45 inserted by way of an amendment in the Finance Act, 2017, expressly stated to be effective from 01.04.2018 cannot be treated as retrospective.
Explore the implications of the Finance Act 2023 amendment under Section 43B of the Income Tax Act, affecting deductions for payments to MSMEs. Learn the impact on tax planning and compliance.
Finance Act, 2023 introduced significant amendments related to Micro, Small, and Medium Enterprises (MSMEs) in India. One of the key changes pertains to the payment compliance and deductions for MSMEs. Let’s explore the definition of MSMEs, the amendment to Section 43B of the Income Tax Act, and provide some author remarks on the matter.
Article contains a crisp summary on amendments introduced by Budget 2023 pertaining to MSME payments and implications of amendments on commercial transactions.
ITAT Mumbai held that payment of employee’s contribution to PF & ESI beyond the due dates is not allowable as deduction. Accordingly, the same is an incorrect claim and therefore it falls within the scope of prima facie adjustment u/s 143(1) of the Income Tax Act.
ITAT Cochin held that amendment to section 40(a)(ia) of the Income Tax Act made by the Finance Act 2020 is retrospective in nature. Accordingly, TDS deposited on or before the due date of filing return u/s 139(1) is allowable.
Through Finance Act 2023 a new clause (h) has been added to Sec. 43B of the Income Tax Act and is made applicable from assessment year 2024-25 i.e. Financial year 2023-24.
Addition u/s 43B on account of External Development Charges (EDC) not paid to HUDA before due date of filing return of income not justified
Stay updated on the recent amendment to Section 43B of the Income Tax Act related to MSME. Explore the impact on expense deductions, payment timelines, and compliance with the MSMED Act, 2006. Ensure timely payments to Micro and Small Enterprises to avoid disallowances and interest implications.