Amendment of section 43B

Section 13 of the Finance Act, 2023 deals with amendment of section 43B. 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

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).'.

Section 13, The Finance Act, 2023 (Act 8 of 2023).