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The Finance Act 2023 inserted Section 43b(h). Any disallowance u/s 43B(h) is required to be reported in Clause 22(ii) of Form 3CD.

Suggestive Reporting in Tax Audit Form for Disallowance under Section 43b(h)

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)

News

The Ministry of Finance via Finance Act 2023 has amended the Rebate u/s 87A of the Income Tax Act, 1961.

ITR Filed before 5th July 2024: Why Taxpayers can recieve Income Tax Notice

Finance Act 2023 amendments have added several additional reporting obligations and adjustments in the Income Tax Return AY 2024-25.

ITR Filing: Key Changes in the Income Tax Return Forms AY 2024-25

As per Finance Act of 2023, donations made by a trust or institution are only recognized as applications for charitable or religious purposes up to 85% of the amount donated.

CBDT clarifies provisions under Finance Act 2023 relating to Donations made by a Trust/ Institution to another Trust/ Institution

Circulars

CBDT has released a circular explaining the amendment of the Income Tax Act, 1961 which was made through the Finance Act 2023.

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Suggestive Reporting in Tax Audit Form for Disallowance under Section 43b(h)

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

ITR Filed before 5th July 2024: Why Taxpayers can recieve Income Tax Notice

ITR Filing: Key Changes in the Income Tax Return Forms AY 2024-25

CBDT clarifies provisions under Finance Act 2023 relating to Donations made by a Trust/ Institution to another Trust/ Institution

CBDT issued Circular Explaining Amendments made in Income Tax Act through Finance Act 2023