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of <h1>Budget 2023-24: Amendments to Section 43B enforce timely payments to micro and small enterprises, effective April 2024.</h1> The Union Budget 2023-24 proposes amendments to Section 43B of the Income Tax Act to promote timely payments to micro and small enterprises. A new clause (h) will be added to ensure that payments to these enterprises are deductible only upon actual payment if they exceed the time limits specified in Section 15 of the MSMED Act 2006. These limits require payments within 45 days if a written agreement exists, or within 15 days otherwise. The amendment, effective from April 1, 2024, aims to enforce timely payments by disallowing accrual-based deductions for delayed payments.
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