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Section 43B (h) of Income Tax Act, 1961 - Disallowances of expenses due to non-payment to MSMEs

CA Piyush Agarwal , Last updated: 27 March 2024  
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Section 43B (h) of Income Tax Act, 1961

Section 43B (h) of Income Tax Act, 1961

Section 43B (h) of Income Tax Act, 1961 - Disallowances of expenses due to non-payment to MSMEs

Definition of MSME Enterprises

Particulars

MICRO

SMALL

MEDIUM

Turnover

<=5 Crore

<=50 Crore

<=250 Crore

Investment in Plant & Machinery

<=1 Crore

<=10 Crore

<=50 Crore

Time Limit for Payment

Non-Applicability of New Clause (h) of Section 43B

Non-Applicability of New Clause (h) of Section 43B

 

Other Points

Other Points

Examples

Particulars

Invoice Date

Payment Due (45 Days)

Actual Payment

Deduction Allowed (FY)

Example-1

01-Feb-2024

16-Mar-2024

29-Mar-2024

2023-24

Example-2

01-Feb-2024

16-Mar-2024

03-Apr-2024

2024-25

Example-3

17-Feb-2024

02-Apr-2024

01-Apr-2024

2023-24

Example-4

17-Feb-2024

02-Apr-2024

04-Apr-2024

2024-25

Example-5

01-Mar-2024

14-Apr-2024

11-Apr-2024

2023-24

Example-6

01-Mar-2024

14-Apr-2024

22-Apr-2024

2024-25

Example-7

15-Nov-2023

29-Dec-2023

06-Apr-2024

2024-25

Example-8

15-Nov-2023

29-Dec-2023

28-Mar-2024

2023-24

Example-9

16-Feb-2024

31-Mar-2024

01-Apr-2024

2024-25

Example-10

15-Sept-2023

29-Oct-2023

02-Apr-2024

2024-25

Example-11

15-Sept-2023

29-Oct-2023

01-Oct-2023

2023-24

 
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Published by

CA Piyush Agarwal
(CHARTERED ACCOUNTANT)
Category Income Tax   Report

6 Likes   4725 Views

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