{"id":26223,"date":"2024-03-03T15:21:03","date_gmt":"2024-03-03T09:51:03","guid":{"rendered":"https:\/\/carajput.com\/blog\/?p=26223"},"modified":"2024-08-23T23:13:45","modified_gmt":"2024-08-23T17:43:45","slug":"disallowance-of-expenditure-u-s-43bh","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/disallowance-of-expenditure-u-s-43bh\/","title":{"rendered":"Overview on Disallowance of Expenditure u\/s 43B(h)"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_88 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6ad710f1aa3d8\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6ad710f1aa3d8\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/disallowance-of-expenditure-u-s-43bh\/#Overview_on_Disallowance_of_Expenditure_us_43Bh\" >Overview on Disallowance of Expenditure u\/s 43B(h)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/disallowance-of-expenditure-u-s-43bh\/#Provision_of_section_43B_is_applicability\" >Provision of section 43B is applicability\u00a0<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/disallowance-of-expenditure-u-s-43bh\/#Some_examples_for_applicability_of_Section_43Bh_in_different_cases\" >Some examples for applicability of Section 43B(h) in different cases<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-26111\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/01\/photo_2024-01-19_23-16-36.jpg\" alt=\"MSME units delay payment Legal provision under Section 43B(h)\" width=\"1080\" height=\"734\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/01\/photo_2024-01-19_23-16-36.jpg 1080w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/01\/photo_2024-01-19_23-16-36-300x204.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/01\/photo_2024-01-19_23-16-36-1024x696.jpg 1024w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/01\/photo_2024-01-19_23-16-36-768x522.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/01\/photo_2024-01-19_23-16-36-800x544.jpg 800w\" sizes=\"auto, (max-width: 1080px) 100vw, 1080px\" \/><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"Overview_on_Disallowance_of_Expenditure_us_43Bh\"><\/span><span style=\"color: #000080;\"><strong>Overview on Disallowance of Expenditure u\/s 43B(h)<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The Union Budget 2023 introduced measures to encourage timely payments to micro or small enterprises by including them in Section 43B of the Income Tax Act, 1961. \u00a0The Finance Act, 2023, with effect from 1st April 2024, added new clause (h) to section 43B of the Income Tax Act, 1961 which states that the deduction shall be allowed in respect of any sum payable by the Taxpayer to a micro or small enterprises beyond time limit prescribed in section 15 of the MSMED Act, 2006\u201d only in computing total income of previous year in which the sum has been actually paid. Proposed an amendment to Section 43B only to allow the assessee to deduct sums payable to a registered MSME based on actual payment.<\/p>\n<p>Provision of section 43B has a major impact on financial statements and consequent Income tax liability of the Taxpayer. This change will improve working capital management for micro or small enterprises, which are crucial to the Indian economy.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Provision_of_section_43B_is_applicability\"><\/span><span style=\"color: #000080;\"><strong>Provision of section 43B is applicability\u00a0<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-26224\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Impact-of-Section-43Bh-.jpg\" alt=\"Impact of Section 43B(h)\" width=\"1192\" height=\"1411\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Impact-of-Section-43Bh-.jpg 1192w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Impact-of-Section-43Bh--253x300.jpg 253w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Impact-of-Section-43Bh--865x1024.jpg 865w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Impact-of-Section-43Bh--768x909.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Impact-of-Section-43Bh--800x947.jpg 800w\" sizes=\"auto, (max-width: 1192px) 100vw, 1192px\" \/><\/p>\n<p>This Provision of section 43B is applicable when an organisation is purchasing goods or taking services from an organisation registered under the MSMED Act, 2006. Notably, the registration of the buyer under the MSMED Act, 2006, is not compulsory. Definition \u201centerprise\u201d means an industrial undertaking or a business concern or any other establishment, by whatever name called. So an individual carrying out a business without an office may not classify as a MSME. (As per section 2(e) of MSMED Act, 2006). The objective of Section 43B amendment is to encourage timely payments to MSME enterprises &amp; to overcome problem of shortage of working capital in this sector.<\/p>\n<p>Govt of India is considering request to see if there is any scope of amendment to clause Provision of section 43B So that credit cycle of\u00a0micro or small enterprises is not disturbed &amp; those not aware of amendment get ample time to avoid any probability of liabilities,<\/p>\n<p>Since Provision of section 43B October 2017 introduction, the government micro or small enterprises Samadhaan delayed payment monitoring platform has received 1.76 lakh submissions from micro or small enterprises accusing their purchasers of withholding payments. This included Rs 41,105 crore that was held up for these micro or small enterprises; of them, only 34,551 cases totaling Rs 6,052 crore have been resolved by the nation&#8217;s MSE Facilitation Councils as of date.<\/p>\n<p>Source from:\u00a0<a href=\"https:\/\/www.financialexpress.com\/business\/sme\/section-43bh-is-finance-ministry-revising-the-new-rule-for-payment-to-msmes-within-45-days\/3409033\/\">https:\/\/www.financialexpress.com\/business\/sme\/section-43bh-is-finance-ministry-revising-the-new-rule-for-payment-to-msmes-within-45-days\/3409033\/<\/a><\/p>\n<p>This blog provides extensive study &amp; understanding of subject matter Provision of section 43B, FAQ &amp; Various interpretations around Provision of section 43B.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-26225\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Understanding-Impact-of-Section-43Bh-0001.jpg\" alt=\"\" width=\"1206\" height=\"1196\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Understanding-Impact-of-Section-43Bh-0001.jpg 1206w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Understanding-Impact-of-Section-43Bh-0001-300x298.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Understanding-Impact-of-Section-43Bh-0001-1024x1016.jpg 1024w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Understanding-Impact-of-Section-43Bh-0001-150x150.jpg 150w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Understanding-Impact-of-Section-43Bh-0001-768x762.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Understanding-Impact-of-Section-43Bh-0001-800x793.jpg 800w\" sizes=\"auto, (max-width: 1206px) 100vw, 1206px\" \/> <img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-26226\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Understanding-Impact-of-Section-43Bh-0002.jpg\" alt=\"\" width=\"1227\" height=\"1729\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Understanding-Impact-of-Section-43Bh-0002.jpg 1227w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Understanding-Impact-of-Section-43Bh-0002-213x300.jpg 213w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Understanding-Impact-of-Section-43Bh-0002-727x1024.jpg 727w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Understanding-Impact-of-Section-43Bh-0002-768x1082.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Understanding-Impact-of-Section-43Bh-0002-1090x1536.jpg 1090w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Understanding-Impact-of-Section-43Bh-0002-800x1127.jpg 800w\" sizes=\"auto, (max-width: 1227px) 100vw, 1227px\" \/><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Some_examples_for_applicability_of_Section_43Bh_in_different_cases\"><\/span><span style=\"color: #000080;\">Some examples for applicability of Section 43B(h) in different cases<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Where there is no agreement in writing<\/strong><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-26227\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Understanding-Impact-of-Section-43Bh-0003.jpg\" alt=\"\" width=\"1187\" height=\"1386\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Understanding-Impact-of-Section-43Bh-0003.jpg 1187w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Understanding-Impact-of-Section-43Bh-0003-257x300.jpg 257w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Understanding-Impact-of-Section-43Bh-0003-877x1024.jpg 877w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Understanding-Impact-of-Section-43Bh-0003-768x897.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Understanding-Impact-of-Section-43Bh-0003-800x934.jpg 800w\" sizes=\"auto, (max-width: 1187px) 100vw, 1187px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-27316\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/222-2.jpg\" alt=\"Where the agreement is in writing\" width=\"920\" height=\"884\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/222-2.jpg 920w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/222-2-300x288.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/222-2-768x738.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/222-2-800x769.jpg 800w\" sizes=\"auto, (max-width: 920px) 100vw, 920px\" \/> <img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-26228\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Understanding-Impact-of-Section-43Bh-0004.jpg\" alt=\"\" width=\"1187\" height=\"1563\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Understanding-Impact-of-Section-43Bh-0004.jpg 1187w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Understanding-Impact-of-Section-43Bh-0004-228x300.jpg 228w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Understanding-Impact-of-Section-43Bh-0004-778x1024.jpg 778w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Understanding-Impact-of-Section-43Bh-0004-768x1011.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Understanding-Impact-of-Section-43Bh-0004-1166x1536.jpg 1166w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Understanding-Impact-of-Section-43Bh-0004-800x1053.jpg 800w\" sizes=\"auto, (max-width: 1187px) 100vw, 1187px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-27318\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/111-2.jpg\" alt=\"Where there is no agreement in writing\" width=\"948\" height=\"1002\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/111-2.jpg 948w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/111-2-284x300.jpg 284w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/111-2-768x812.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/111-2-800x846.jpg 800w\" sizes=\"auto, (max-width: 948px) 100vw, 948px\" \/> <img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-26229\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Understanding-Impact-of-Section-43Bh-0005.jpg\" alt=\"\" width=\"1203\" height=\"1702\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Understanding-Impact-of-Section-43Bh-0005.jpg 1203w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Understanding-Impact-of-Section-43Bh-0005-212x300.jpg 212w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Understanding-Impact-of-Section-43Bh-0005-724x1024.jpg 724w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Understanding-Impact-of-Section-43Bh-0005-768x1087.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Understanding-Impact-of-Section-43Bh-0005-1086x1536.jpg 1086w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Understanding-Impact-of-Section-43Bh-0005-800x1132.jpg 800w\" sizes=\"auto, (max-width: 1203px) 100vw, 1203px\" \/> <img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-26230\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Understanding-Impact-of-Section-43Bh-0006.jpg\" alt=\"\" width=\"1213\" height=\"1663\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Understanding-Impact-of-Section-43Bh-0006.jpg 1213w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Understanding-Impact-of-Section-43Bh-0006-219x300.jpg 219w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Understanding-Impact-of-Section-43Bh-0006-747x1024.jpg 747w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Understanding-Impact-of-Section-43Bh-0006-768x1053.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Understanding-Impact-of-Section-43Bh-0006-1120x1536.jpg 1120w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Understanding-Impact-of-Section-43Bh-0006-800x1097.jpg 800w\" sizes=\"auto, (max-width: 1213px) 100vw, 1213px\" \/> <img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-26231\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Understanding-Impact-of-Section-43Bh-0007.jpg\" alt=\"\" width=\"1199\" height=\"1561\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Understanding-Impact-of-Section-43Bh-0007.jpg 1199w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Understanding-Impact-of-Section-43Bh-0007-230x300.jpg 230w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Understanding-Impact-of-Section-43Bh-0007-787x1024.jpg 787w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Understanding-Impact-of-Section-43Bh-0007-768x1000.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Understanding-Impact-of-Section-43Bh-0007-1180x1536.jpg 1180w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/03\/Understanding-Impact-of-Section-43Bh-0007-800x1042.jpg 800w\" sizes=\"auto, (max-width: 1199px) 100vw, 1199px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Overview on Disallowance of Expenditure u\/s 43B(h) The Union Budget 2023 introduced measures to encourage timely payments to micro or small enterprises by including them in Section 43B of the Income Tax Act, 1961. \u00a0The Finance Act, 2023, with effect from 1st April 2024, added new clause (h) to section 43B of the Income Tax &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[150],"tags":[10155],"class_list":["post-26223","post","type-post","status-publish","format-standard","hentry","category-direct-tax","tag-disallowance-of-expenditure"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 5.0.2 - aioseo.com -->\n\t<meta name=\"description\" content=\"Provision of section 43B is applicability; section 43B; MSMED Act. 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