Section 13 - Amendment of section 43B. - Finance Act, 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 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).'.