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Amendment to Section 43b (h)

Direct Taxation

1) If on 31st march the amount payable to MSME has not fallen due can the assessee claim it as allowable expense? 2) If he claims it as allowable expense and in the next FY if the payment is not made within 45 days, will section 43b clause (h) gets attracted?


Pushkala S

Pushkala S

CA Inter

3K+

26-Mar-23 17:36

263

Answers (4)

1) Yes on accrual basis 2)If payment is not made in time specified, it gets added back to income.


CA Suraj Lakhotia

CA Suraj Lakhotia

Admin

26-Mar-23 17:40

Pls note this amendment is not applicable for May-23 and Nov-23 exams.


CA Suraj Lakhotia

CA Suraj Lakhotia

Admin

26-Mar-23 17:52

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