{"act":{"id":"finance-act-2023","short_title":"The Finance Act, 2023","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2023-2024.","act_number":"8","act_year":2023,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":181,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2023/"},"unit":"section","section":{"number":"13","heading":"Amendment of section 43B","text":"Amendment of section 43B. 13.  In section 43B of the Income-tax Act, with effect from the 1st day of April, 2024,— (i) | in clause (da), for the words \"a deposit taking non-banking financial company or systemically important non-deposit taking non-banking financial company\", the words \"such class of non-banking financial companies as may be notified by the Central Government in the Official Gazette in this behalf\" shall be substituted; (ii) | in clause (g), after the word \"assets,\", the word \"or\" shall be inserted; (iii) | after clause (g), the following clause shall be inserted, namely:— \"(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),\"; (iv) | in the proviso, after the words \"nothing contained in this section\", the brackets, words and letter \"[except the provisions of clause (h)]\" shall be inserted; (v) | in Explanation 4,— (I) | for clause (e), the following clause shall be substituted, namely:— '(e) | \"micro enterprise\" shall have the meaning assigned to it in clause (h) of section 2 of the Micro, Small and Medium Enterprises Development Act, 2006 (27 of 2006);'; (II) | for clause (g), the following clause shall be substituted, namely:— '(g) | \"small enterprise\" shall have the meaning assigned to it in clause (m) of section 2 of the Micro, Small and Medium Enterprises Development Act, 2006 (27 of 2006).'.","html":"<p><b>Amendment of section 43B.</b></p><p><b>13. </b> In section 43B of the Income-tax Act, with effect from the 1st day of April, 2024,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>in clause (<i>da</i>), for the words \"a deposit taking non-banking financial company or systemically important non-deposit taking non-banking financial company\", the words \"such class of non-banking financial companies as may be notified by the Central Government in the Official Gazette in this behalf\" shall be substituted;</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>in clause (<i>g</i>), after the word \"assets,\", the word \"or\" shall be inserted;</td></tr><tr><td>(<i>iii</i>)</td><td></td><td>after clause (<i>g</i>), the following clause shall be inserted, namely:—</td></tr><tr><td></td><td></td><td>\"(<i>h</i>) 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),\";</td></tr><tr><td>(<i>iv</i>)</td><td></td><td>in the proviso, after the words \"nothing contained in this section\", the brackets, words and letter \"[except the provisions of clause (<i>h</i>)]\" shall be inserted;</td></tr><tr><td>(<i>v</i>)</td><td></td><td>in <i>Explanation 4,</i>—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>I</i>)</td><td></td><td>for clause (<i>e</i>), the following clause shall be substituted, namely:—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>'(<i>e</i>)</td><td></td><td>\"micro enterprise\" shall have the meaning assigned to it in clause (<i>h</i>) of section 2 of the Micro, Small and Medium Enterprises Development Act, 2006 (27 of 2006);';</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>II</i>)</td><td></td><td>for clause (<i>g</i>), the following clause shall be substituted, namely:—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>'(<i>g</i>)</td><td></td><td>\"small enterprise\" shall have the meaning assigned to it in clause (<i>m</i>) of section 2 of the Micro, Small and Medium Enterprises Development Act, 2006 (27 of 2006).'.</td></tr></table></div>","words":246,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2023/section/13/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}