Gov Rule: Compliance
Section 43B(h): MSME Payments Mandatory Guidelines
By Admin
March 30, 2024
The new MSME payment mandate is a major compliance requirement for FY 2023-24. Understanding Section 43B(h) is critical to avoiding tax disallowances on your business expenses.
Core Guidelines
Payments to Micro and Small Enterprises must be made within 45 days (if there's a written agreement) or 15 days (if no agreement). Failure to do so means you can only claim the expense for taxation purposes in the year you actually make the payment.