New Section 43 B CLAUSE H of the Income Tax Act introduced by the Government in Budget 2023 and it is applicable for the FY 2023-2024 and AY 2024-2025. According to this Section, if you have purchased goods from enterprises registered under MSMED Act, 2006, then, you have to make timely payment to its creditors otherwise delayed payment shall be disallowed and you have to paid tax on such delayed payment.
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