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The newly added clause (h) states that any sum payable to a MSE after the time limit specified in Section 15 of MSMED Act shall be allowed as a deduction only in the previous year.

Draft Comments for Sec 43B(h) on Tax Audit Report

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GST Council is expected to consider on four options for tax treatment of health insurance at its meeting on Monday, with the cost to the exchequer ranging from about Rs.650 crore to Rs.3,500 crore.

GST Council likely to take up 4 Options to provide GST Relief on Health Insurance

Guidelines have been established for the regularization of PPF accounts opened in the names of minors, multiple PPF accounts, and NRI account extensions.

New PPF Rules From 1st October 2024: 3 Important Changes that PPF Account Holders Should be Aware of

Section 43B(h) encourages large companies or entities to settle debts with MSMEs within the stated time frame, which is 15 days without a written agreement and 45 days with an agreement.

External Confirmation in relation to Sec 43B(h) to the Vendor of Auditee

The GST Council is allegedly considering a plan to impose an 18% tax on payment aggregators for facilitating some small value digital transactions.

GST Council to Impose GST of 18% on Payment Aggregators for Transactions below Rs.2,000

The Finance Act 2023 added Section 43B(h), which states that any payment owed to MSE for goods sold or services rendered may be deducted in the same year if paid by the deadline specified by the MSMED Act, 2006.

Draft Letter to the Auditee by the auditor in relation to Compliance of Section 43B(h)

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