Section 43B of the Income Tax demystified

▴ Section 43B of the Income Tax
Panel Discussion on “Implications & Remedies of Delayed Payments to MSMEs” held at FTCCI

Hyderabad, February 16, 2024….The Federation of Telangana Chambers of Commerce and Industry (FTCCI) organizing a  Panel Discussion on “Implications & Remedies of Delayed Payments to MSMEs” on  Friday at FTCCI Surana Auditorium, Federation House, Red Hills, Hyderabad.

 

Giving his opening remarks, Chief Guest Meela Jayadev, President of FTCCI said MSME entities constitute a large segment of the Indian economy and most business organizations deal with MSME entities throughout the year. To promote timely payments to Micro and Small Enterprises, the Government inserted a new provision clause (h) of Section 43B of the Income Tax Act with effect from 01st April 2023 vide Finance Act, 2023. Clause (h) of Sec. 43B mandates that any sum payable to a registered MSME be a micro or a small enterprise before the due date as per Sec. 15 of the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006.

 

There is big confusion among Trade and Industry regarding what is clause (h) of Section 43B of the Income Tax Act & and how to check its applicability, what to do in case of default, its consequences, how to treat it in Accounting, Statutory norms etc.  To clear all these doubts and to provide clarification, FTCCI organised the Panel Discussion, Meela Jayadev added

 

The Panel Members were Prem Chand Kankaria, an entrepreneur; Mohan Kumar R—a former additional commissioner of Income Tax; Rajendra Prasad T, a Chartered Accountant and Dr. (HC) Tasneem Shariff, a company secretary. CA Sudheer facilitated the dialogue. 

 

Rajendra Prasad explained India’s New Tax Compliance Law Impacting MSMEs. He explained Section 43B(h) in detail. Mohan Kumar R explained the department’s point of view. Prem Chand Kankaria explained the industry’s point of view.  Dr Tasneem Shariff explained the statutory position. 

 

Suresh Kumar Singhal, Senior Vice-President- FTCCI; R Ravi Kumar, Vice President- FTCCI; Sudhir V S, Chair, Direct Taxes Committee, FTCCI; Hari Govind Prasad, Co-Chair, Direct Taxes Committee, FTCCI; Koteswara Rao SSR garu, Advisor, Direct Taxes Committee, FTCCI and others graced the occasion.

 

Tags : #

About the Author


Team Medicircle

Related Stories

Loading Please wait...

-Advertisements-




Trending Now

Sanjeevani Healthcare & Wellness Expo 2024: A Dynamic Platform for Global Healthcare CollaborationDecember 23, 2024
Ranitidine: Saviour or Suspect? The Truth Behind the Stomach Acid RemedyDecember 23, 2024
From One-Size-Fits-All to Precision Medicine: The New Hope for Rare Bone Cancer PatientsDecember 23, 2024
World Meditation Day: India’s Gift of Peace to a Chaotic WorldDecember 23, 2024
Breaking New Ground in Migraine Care: A Landmark Session on Diagnosis and TreatmentDecember 23, 2024
Black Angels remind us of centuries of injustices plaguing the TB responseDecember 20, 2024
Healthcare Startups to Watch Out for in 2025December 20, 2024
Biobank Blueprint: Redefining Diabetes Diagnosis and Treatment in IndiaDecember 20, 2024
The Future of Malaria Prevention: Can This Vaccine Eliminate the Disease?December 20, 2024
Why the World Trusts Indian Pharmaceuticals for Life-Saving SolutionsDecember 20, 2024
International Tsunami Conference Concludes at AmritapuriDecember 20, 2024
Prestige Marks 75 Years of Revolutionizing Home Cooking with Iconic Innovative ProductsDecember 20, 2024
Revolutionizing Education: Online Learning Platforms Transforming Study Materials for Board and Competitive ExamsDecember 19, 2024
Why Your Blood Pressure Reading Might Be a Lie and How to Fix ItDecember 19, 2024
Vaccines, Cards, and Digital Records: How India is Fighting Healthcare InequalityDecember 19, 2024
Bridging Borders: Sri Lanka’s President Explores India’s Healthcare and HeritageDecember 19, 2024
Jeevan Jyoti Project Brings Eye Care to Alwar's Rural CommunitiesDecember 19, 2024
Crompton Launches New Range of Decorative Wall Lights Providing a Perfect Blend of Uniqueness & AestheticsDecember 19, 2024
Can One Injection End Decades of HIV Inequality?December 19, 2024
Multi-Organ Marvel: How a 12-Hour Surgery Gave a Businessman New LifeDecember 19, 2024