Certain deductions to be only on
actual payment.
43B. Notwithstanding anything
contained in any other provision of this Act, a deduction otherwise allowable
under this Act in respect of—
Following clause (h)
shall be inserted after clause (g) of section 43B by the Finance Act,
2023, w.e.f. 1-4-2024:
(h) 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 Act, 2006 (27
of 2006),
shall be allowed (irrespective of the
previous year in which the liability to pay such sum was incurred by the
assessee according to the method of accounting regularly employed by him) only
in computing the income referred to in section
28 of that previous year in which such sum is actually paid by him :
Provided that nothing contained
in this section 55[[except
the provisions of clause(h)]] shall apply in relation to any
sum which is actually paid by the assessee on or before the due date applicable
in his case for furnishing the return of income under sub-section (1) of section
139 in respect of the previous year in which the liability to pay such sum
was incurred as aforesaid and the evidence of such payment is furnished by the
assessee along with such return56.
MSME Act, 2006
Section 15. Liability of
buyer to make payment.t
Where any supplier supplies any goods or renders
any services to any buyer, the buyer shall make payment therefor on or before
the date agreed upon between him and the supplier in writing or, where there is
no agreement in this behalf, before the appointed day:
2(b)
"appointed day' means the day following immediately after the expiry of
the period of fifteen days from the day
of acceptance or the day of deemed acceptance of any goods or any services
by a buyer from a supplier.
Explanation.--For the purposes of this
clause,--
(i) "the day of acceptance" means,--
(a) the day of the actual delivery of goods or the
rendering of services; or
(b) where any objection is made in writing by the
buyer regarding acceptance of goods or services within fifteen days from the
day of the delivery of goods or the rendering of services, the day on which
such objection is removed by the supplier;
(ii) "the day of deemed acceptance"
means, where no objection is made in writing by the buyer regarding acceptance
of goods or services within fifteen days from the day of the delivery of goods
or the rendering of services, the day of the actual delivery of goods or the
rendering of service
Provided that in no case the period agreed upon
between the supplier and the buyer in writing shall exceed forty-five days from
the day of acceptance or the day of deemed acceptance.
