Budget 2023-24: Income Tax Deduction Allowed Only On 'Actual Payment' Of Sum Payable By Assessee To MSMEs

With the objective of promoting timely payments to Micro and Small Enterprises, Finance Minister Nirmala Sitharaman in her Budget 2023-24 speech has proposed to insert a new clause (h) in section 43B to provide that any sum payable by the assessee to a micro or small enterprise beyond the time limit specified in section 15 of the Micro, Small and Medium Enterprises Development (MSMED) Act...