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.

 

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