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of <h1>Finance Bill 2023: Amendments to Section 43B of Income-tax Act Affect Non-Banking Financial Companies and MSME Payment Deductions</h1> Clause 13 of the Finance Bill, 2023 proposes amendments to section 43B of the Income-tax Act, effective April 1, 2024. It revises clause (da) to allow the Central Government to notify specific classes of non-banking financial companies. A new clause (h) mandates that sums payable to micro or small enterprises beyond the specified time limit in the Micro, Small and Medium Enterprises Development Act, 2006, are deductible only upon actual payment. The proviso is amended to disallow accrual-based deductions if payment is delayed. Definitions for 'micro enterprise' and 'small enterprise' are updated in Explanation 4.
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