{"id":120881,"date":"2024-03-11T17:29:54","date_gmt":"2024-03-11T11:59:54","guid":{"rendered":"https:\/\/legalwindow.in\/?p=120881"},"modified":"2024-03-11T17:32:13","modified_gmt":"2024-03-11T12:02:13","slug":"section-43bh-of-income-tax-act","status":"publish","type":"post","link":"https:\/\/www.legalwindow.in\/blog\/section-43bh-of-income-tax-act\/","title":{"rendered":"Wholesale and Retail Trade is not applicable in Section 43B(h)"},"content":{"rendered":"<p><a href=\"https:\/\/legalwindow.in\/wp-content\/uploads\/Wholesale-and-Retail-Trade-is-not-applicable-in-Section-43Bh.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-120891 size-full\" title=\"Section 43B(h) of Income Tax Act\" src=\"https:\/\/legalwindow.in\/wp-content\/uploads\/Wholesale-and-Retail-Trade-is-not-applicable-in-Section-43Bh.png\" alt=\"Section 43B(h) of Income Tax Act\" width=\"1200\" height=\"630\" srcset=\"https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Wholesale-and-Retail-Trade-is-not-applicable-in-Section-43Bh.png 1200w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Wholesale-and-Retail-Trade-is-not-applicable-in-Section-43Bh-300x158.png 300w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Wholesale-and-Retail-Trade-is-not-applicable-in-Section-43Bh-1024x538.png 1024w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Wholesale-and-Retail-Trade-is-not-applicable-in-Section-43Bh-768x403.png 768w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><\/a><\/p>\n<p><span style=\"font-weight: 400;\">The landscape of taxation and deductions in India, as governed by the Income Tax Act 1961, presents a provision of wholesale and retail trade that aims to streamline tax labilities, ensure timely payments and promote a fair taxation system. <\/span><span style=\"font-weight: 400;\">One of the critical sections under this Act is Section 43B, which deals with the deduction of certain expenses while computing taxable income.\u00a0\u00a0<\/span><span style=\"font-weight: 400;\">Section 43B(h) became the latest news headlines after an amendment was introduced to this section, specifically\u00a0Section 43B(h)<\/span><b>,<\/b><span style=\"font-weight: 400;\"> which has significant implications for businesses, especially those falling under <\/span><a href=\"https:\/\/legalwindow.in\/msme-registration-in-rajasthan\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">the Micro, Small, and Medium Enterprises (MSME) category<\/span><\/a><span style=\"font-weight: 400;\">. This article delves into the implications of Section 43B(h) of Income Tax Act not being applicable to wholesale and retail trade and exploring the nuances.<\/span><\/p>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"border: 1px solid #555;\"><strong>Table of content-<\/strong><\/p>\n<ul>\n<li><a href=\"#micro\">Understanding Micro, Small and Medium Enterprises.<\/a><\/li>\n<li><a href=\"#section\">Understanding Section 43B(h) 0f Income Tax Act 1961.<\/a><\/li>\n<li><a href=\"#traders\">Section 43B(h) Applicability to Traders.<\/a><\/li>\n<li><a href=\"#time\">Time Limit for Payment.<\/a><\/li>\n<li><a href=\"#penalties\">Penalties<\/a>.<\/li>\n<li><a href=\"#benefits\">Benefits of Clause (h) of Section 43B of Income Tax Act.<\/a><\/li>\n<li><a href=\"#exceptions\">Exceptions.<\/a><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 id=\"mmicro\"><b>Understanding Micro, Small and Medium Enterprises-<\/b><\/h2>\n<ul>\n<li><b>Micro Enterprises: <\/b><span style=\"font-weight: 400;\">Enterprises whose investment in plant and machinery doesn\u2019t exceed 1 crore and turnover of the previous year doesn\u2019t exceed 5 crore shall be categorized under micro enterprises.<\/span><\/li>\n<li><b>Small Enterprises: <\/b><span style=\"font-weight: 400;\">Enterprises with investment in plant and machinery not exceeding 10 crore and turnover of previous year not exceeding 50 crore are Small enterprises.<\/span><\/li>\n<li><b>Medium Enterprises: <\/b><span style=\"font-weight: 400;\">Enterprises whose investment in plant and machinery doesn\u2019t exceed 50 crore and turnover of the previous year doesn\u2019t exceed 250 crore are medium enterprises.<\/span><\/li>\n<\/ul>\n<h2 id=\"section\"><b>Understanding Section 43B(h) of Income Tax Act 1961-<\/b><\/h2>\n<ul>\n<li><b>Objective<\/b><span style=\"font-weight: 400;\">: Section 43B(h) of <\/span><span style=\"font-weight: 400;\">Income Tax Act<\/span><span style=\"font-weight: 400;\"> was inserted to promote timely payments to micro and small enterprises. This section of Income Tax Act provides that any sum payable by the assesses to a micro or small enterprise beyond the time limit specified in section 15 of the <\/span><a href=\"https:\/\/legalwindow.in\/msme-compliances\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Micro, Small and Medium Enterprises<\/span><\/a><span style=\"font-weight: 400;\"> Development (MSMED) Act 2006 shall be allowed as deduction only on actual payment irrespective of previous year in which the liability to pay such sum is incurred by the assesses<\/span><\/li>\n<li><b>Effective Date<\/b><span style=\"font-weight: 400;\">: <\/span><span style=\"font-weight: 400;\">Section 43B(h) comes into effect from\u00a0April 1, 2024, covering the assessment year 2024\u20132025 and subsequent years.<\/span><\/li>\n<li><b>Time Limit for Payment:<\/b> <span style=\"font-weight: 400;\">Business enterprises, including traders are required to pay MSMEs in the following time frames:<br \/>\n<\/span><span style=\"font-weight: 400;\">If there is a written agreement, payment should be made within 45 days.<br \/>\n<\/span><span style=\"font-weight: 400;\">In the absence of a written agreement, payment must be made within\u00a015 days.<\/span><\/li>\n<li><b>GST Disallowance:\u00a0 <\/b><span style=\"font-weight: 400;\">If the sum payable to MSMEs including GST attracts Section 43B(h) disallowance, such disallowance shall be restricted to the amount excluding GST if the GST is claimed <\/span><a href=\"https:\/\/legalwindow.in\/input-tax-credit-under-gst\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">as Input Tax credit (ITC)<\/span><\/a><span style=\"font-weight: 400;\"> in books of accounts.<\/span><\/li>\n<\/ul>\n<h2 id=\"traders\"><b>Section 43B(h) Applicability to Wholesale and Retail Traders<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Now, let\u2019s focus on the applicability of Section 43B(h) specifically to wholesale and retail trade:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Udyam Registration<\/b><span style=\"font-weight: 400;\">: As per an\u00a0Office Memorandum\u00a0issued on July 2, 2021, wholesale and retail traders are entitled to\u00a0Udyam registration\u00a0only for the benefit of\u00a0Priority Sector Lending. This means that while they can avail of certain benefits related to lending, other advantages available under the MSMED Act do not apply to traders.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Dues Outstanding<\/b><span style=\"font-weight: 400;\">: Consequently, Section 43B(h) is\u00a0not applicable\u00a0for dues outstanding to traders as per the MSMED Act\u2019s definition of an enterprise. In simple terms, traders cannot claim deductions under this provision for payments beyond the stipulated deadlines.<\/span><\/li>\n<\/ul>\n<h2 id=\"time\"><b>Time Limit for Payment<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Business enterprises, including traders, are required to pay MSMEs within specific time frames:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Written Agreement<\/b><span style=\"font-weight: 400;\">: If there is a\u00a0written agreement, payment should be made within\u00a045 days.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>No Written Agreement<\/b><span style=\"font-weight: 400;\">: In the absence of a written agreement, payment must be made within\u00a015 days.<\/span><\/li>\n<\/ul>\n<h2 id=\"penalties\"><b>Penalties<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">If enterprises fail to make payment to MSMEs within time limit, interest shall be applicable for making such delayed payment as compound interest <\/span><span style=\"font-weight: 400;\">at the times of the bank rate notified by the <\/span><a href=\"https:\/\/www.rbi.org.in\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Reserve Bank of India (RBI).<\/span><\/a><span style=\"font-weight: 400;\"> However, deduction of this interest shall not be allowed as an expense according to Income Tax Act 1961.\u00a0<\/span><\/p>\n<h2 id=\"benefits\"><b>Benefits of Clause (h) of Section 43B of Income Tax Act-<\/b><\/h2>\n<ul>\n<li><b>Timely cash flows: <\/b><span style=\"font-weight: 400;\">MSMEs incentives allow payment to be made to them within specified time frame of 15 days in case of no written agreement and 45 days in case of written agreement. This ensures timely cash flows between the enterprises and smooth payment cycle.<\/span><\/li>\n<li><b>Time and resource saving: <\/b><span style=\"font-weight: 400;\">Since section 43B(h) ensures timely payment it reduces the risk of legal and other disputes among the enterprises which may arise out of outstanding dues, thereby saving time and resources.<\/span><\/li>\n<li><b>Better Bargaining Power: <\/b><span style=\"font-weight: 400;\">The provision ensures and provides better bargaining power to MSMEs and push them for deadlines aligned within the stipulated time frame.\u00a0<\/span><\/li>\n<\/ul>\n<h2 id=\"exceptions\"><b>Exceptions<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The provisions of section 43B(h) doesn\u2019t apply if the buyer is filling income tax return under <\/span><a href=\"https:\/\/legalwindow.in\/presumptive-tax-scheme\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Section 44AD, 44ADA or 44AE<\/span><\/a><span style=\"font-weight: 400;\"> since these sections have an overriding effect over Section 28 to 43C of MSME Act, 2006.\u00a0<\/span><\/p>\n<h2 id=\"conclusion\"><b>Conclusion<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">While Section 43B(h) provides much-needed relief to MSMEs, it\u2019s essential for traders to understand its limitations. By adhering to the payment timelines set by the MSMED Act, businesses can optimize their tax planning while supporting the growth of micro and small enterprises.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The landscape of taxation and deductions in India, as governed by the Income Tax Act 1961, presents a provision of wholesale and retail trade that aims to streamline&hellip;<\/p>\n","protected":false},"author":3,"featured_media":120890,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[32],"tags":[],"class_list":["post-120881","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Section 43B(h) of Income Tax Act 1961 &#187; Legal Window<\/title>\n<meta name=\"description\" content=\"The implications of Section 43B(h) of Income Tax Act not being applicable to wholesale and retail trade and exploring the nuances.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legalwindow.in\/blog\/section-43bh-of-income-tax-act\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Section 43B(h) of Income Tax Act 1961 &#187; 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