Clause 13 - Amendment of section 43B. - Finance Bill, 2023

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 nonbanking 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.).