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Inputs for implementation of new clause (h) in Section 43B of the Income Tax Act, 1961 - reg.

 

Dear Sir/Madam

We are in receipt of attached document on Clause (h) of Section 43B of the Income Tax.

This is a new rule to ensure faster payments to MSMEs. As per the same Companies must pay bills to MSME (within 45 days) to claim a tax deduction for that expense. Late payments to MSMEs will delay tax deduction for those expenses. This will improve cash flow for MSMEs.

Members are requested to go through the detailed document which is enclosed and share their views on pw@chemexcil.in with copy to dg@chemexcil.in on or before 21st June 2024 for onward submission.

Thanks and Regards

Raghuveer Kini
Director General
CHEMEXCIL

Encl : Clause 43(b)