Income Tax : The Central Government, in the Union Budget 2026, has proposed an important amendment concerning employee welfare funds. The objec...
Income Tax : 2023 Income Tax change (Sec 43B(h)) mandates that deductions for payments to Micro and Small Enterprises are allowed only when pai...
Income Tax : Delhi High Court upholds disallowance of delayed PF/ESI contributions under Section 143(1), but permits deductions when the due da...
Income Tax : Practical guide to tax audit under Section 44AB for trader assessees, covering groundwork, data analysis, compliance checks, and f...
Income Tax : Understand Section 43B(h) of the Income Tax Act, MSME classification, payment timelines, tax disallowance, interest on delays, and...
CA, CS, CMA : Explore recent updates on corporate tax rates, MSME concerns over tax deductions, and GST rates for shawls as addressed in Lok Sab...
Income Tax : Punjab Accountants Association urges Finance Minister to amend Section 43(B)(h) for MSMEs, proposing better payment timelines and ...
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...
Income Tax : The Tribunal held that adjustments made without issuing prior notice to the assessee violate the mandatory proviso to Section 143(...
Income Tax : The Court held that electricity duty collected by a licensee is not its own liability but that of consumers. As a result, Section ...
Income Tax : ITAT Mumbai rules actuarial provisions for employee benefit schemes are allowable under Section 37(1) as ascertained liabilities, ...
Income Tax : The Court dismissed the appeal after finding that all issues were already settled by earlier rulings. It held that no new question...
Income Tax : The court held that revision under section 263 requires independent satisfaction by the PCIT. Acting merely on the Assessing Offic...
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...
In order to encourage timely payments to Micro and Small Enterprises under the MSME Development Act 2006 , a new addition to the list of disallowances is being made vide S- 43B(h) .
Explore the new Section 43B(h) inserted by Finance Bill 2023 in the Income Tax Act. Learn about timely payments to micro and small enterprises, consequences of non-compliance, and effective dates. Stay informed with key insights from this update.
Explore Section 43B of Income Tax Act, 1961, amended by Finance Act 2023. Learn about deductible sums, due dates, and the latest inclusion for payments to micro and small enterprises.
Section 43B is applicable only in relation to ‘Micro and Small Enterprises’ and Medium Enterprises have been kept out of effect of this
बजट- 2023 में कहा गया,’सूक्ष्म और लघु उद्यमों‘ – स्माल एवं माइक्रो इंटरप्राइजेज को समय पर भुगतान को बढ़ावा देने के लिए, अधिनियम की धारा 43 बी के दायरे में ऐसे उद्यमों को किए गए भुगतान को शामिल करने का प्रस्ताव है। इन खरीद और खर्चों की अनुमति किसी वित्तीय वर्ष में व्यापारिक आधार अर्थात […]
Discover the analysis of impact on delay payment by Indian MSMEs under income tax. Learn how these delays affect India’s GDP, employment & more.
Section 43B of the Act provides, inter-alia, that any sum payable by the assessee as interest on any loan or borrowing from a Deposit taking Non-Banking Financial Company and Systemically Important Non-Deposit taking Non-Banking Financial Company shall be allowed as deduction on payment basis.
An amendment made to Section 43B of the Income Tax Act, 1961, has amended that payments made to Micro, Small and Medium Enterprises (MSMEs) that are not made within the due date i.e 45 days, will not be eligible for a deduction.
Understand the Union Budget 2023 tax exemption on life insurance policies & payments to MSEs. Learn about Section 10 (10D) income tax exemption on premiums & more in this article.
Through this budget, MSMEs get a Rs. 9,000 Crores corpus and a big relief through an amendment to section 43B of the Income Tax Act. Know more!
