Unraveling Section 43B(h): Boon or Bane? A Comprehensive Analysis of its Implications under the Income Tax Act, 1961

Dive deep into Section 43B(h) of the Income Tax Act, 1961, as we unravel its implications in this comprehensive analysis

Faculty Instructor

Start Date

06 Feb 2024

End Date

06 Feb 2024

Duration :

1.30 Hrs

Lesson :

Time :

08:00 PM

09.30 PM

₹799

₹999

+GST

Who is this for?

Is any payment made during the financial year 2023-24, related to sums owed to micro or small enterprises for the same financial year after the specified period in Section 15 of the MSMED Act, 2006, is covered by provisions of section 43B(h) of Income Tax act 1961.
Whether any sum payable during F.Y. 2023-24 to micro or small enterprises after the period specified in section 15 of MSMED Act, 2006 is to be disallowed or not?
Will the amount payable to traders, who are registered solely for the limited purpose of priority sector lending, beyond the time period specified in Section 15 of the MSMED Act, 2006, be disallowed, considering the provisions of Section 43B(h)?”
Whether the amount payable to “traders” who are registered other than under the NIC Codes 45, 46 and 47 after the period specified in section 15 of MSMED Act, 2006 will be disallowed or not?

Whether the amount payable to “service providers who are registered with Udhyam Registration” beyond the period specified in section 15 of MSMED Act, 2006 will be disallowed or not?
Whether the amount payable to “service providers who are not registered with Udhyam Registration” beyond the period specified in section 15 of MSMED Act, 2006 will be disallowed or not?
Whether any amount payable to medium enterprises will be governed by provisions of section 43B(h).
Whether any amount payable to micro or small enterprises against which objection has been raised in writing within the period of 15 days from the date of acceptance will be covered under the provisions of section 43B(h)? What will be the time for making the payment to such micro or small enterprises?

“Is the benefit of the first proviso to section 43B, i.e., payment made before the due date of filing the return as applicable under Section 139(1), applicable to Section 43B(h)?”
Whether any interest paid to MSME Enterprises not in accordance with section 16 of MSMED Act, 2006 will be disallowed or not?

Where entry in respect of interest as per the provision of section 16 of MSMED Act, 2006 is mandatory for true and fair disclosure in the books of accounts.
What will be the time available for payment in case of where no written agreement is made with the enterprise?
Whether the provisions of section 43B(h) is applicable to Capital Goods or not?
Where the payment is made to micro or small enterprises vide a cheque, issued on 31.03.2024, whether the amount under the provisions of section 43B(h) is allowed or not even if cheque is not cleared within the due date as per section 15 of MSMED Act, 2006?
What are the conditions to qualify as micro or small enterprises?