Income Tax : This guide explains how Section 43B(h) defers tax deductions where payments to Micro and Small Enterprises remain unpaid beyond th...
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...
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 ruled that although CSR expenditure is not allowable under Section 37, eligible donations made to recognised institut...
Income Tax : The ITAT Delhi held that the Transfer Pricing Officer could not arbitrarily determine the arm's length price of management service...
Income Tax : The ITAT Delhi held that the Revenue could not substitute the assessee's consistent method of revenue recognition with the Percent...
Income Tax : The ITAT Mumbai held that Explanation 1 to Section 37(1) could not apply in the absence of any finding by the competent authority ...
Income Tax : The dispute concerned deduction of CSR expenditure incurred before Explanation 2 to section 37(1) became applicable. The ITAT held...
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 Delhi held that the deduction u/s 36(1)(va) of the Income Tax Act can be allowed only if the employees’ share in the provident fund and ESI fund is deposited by the employer before the due date stipulated in respective Acts.
ITAT Delhi held that royalty payment and R&D cess on royalty is interlinked. As royalty payment is allowed as revenue expenditure, R&D cess is also allowable as revenue expenditure.
To assure on-time payments, the stated clause would have been inserted as a Socio-Economic Welfare Measure and has been realized through the Micro and small companies. Section 43B of the Act furnishes for specific deductions to be permitted on real payments only rather than on an accrual basis.
We are drawing your kind attention towards Proposed Amendment in Section 43B of The Income Tax Act, 1961, which is detrimental to MSME Sector.
ITAT Delhi held that disallowance of Electricity Duty payable by the assessee by invoking provisions of section 43B of the Income Tax Act, 1961 is unwarranted and unjustified.
Section 43B of Income Tax Act, 2013 is amended with a new clause (h) in order to provide reliefs made to MSMEs. Section 43B of the Income Tax Act, 2013 provide for any sum paid by the Assessee or Buyer to MSMEs beyond the 45-day time limit which is specified in section 15 of the MSME Development Act. Deduction under section 43B will be allowed only when the payment is actually made to MSMEs.
MSME means Micro, Small and Medium Enterprises. It has been governed by MSMED Act, 2006. Based on the Investment made by the enterprise in the P&M / Equipment and their turnover they have been classified into Micro, Small and Medium Enterprises. Below is the Revised MSME Classification.
ITAT Jaipur held that delayed payment of employee contribution to PF/ESI as prescribed u/s 36(1)(va) of the Income Tax Act is beyond the ambit of adjustments to be carried out u/s 143(1) of the Income Tax Act.
Learn about the impact of delayed payments to Micro & Small Enterprises in India. Understand the legal provisions and implications for businesses.
Amendments in Section 43B of Income Tax Act, 1961 proposed by Finance Bill, 2023 concerning MSMEs, its possible effect, & certain suggestions
