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TMI BlogSection 43B - Certain deductions on actual payment basisX X X X Extracts X X X X X X X X Extracts X X X X ..... or a State Financial Corporation or State Industrial Investment Corporation like IDBI, IFCI, UPSIDC, Delhi Financial Corporation, etc., or Clause da. interest on any loan or borrowing from a deposit taking non-banking financial company or systemically important non-deposit taking non-banking financial company, [such class of non-banking financial companies as may be notified by the Central Government in the Official Gazette in this behalf, Amended by FA, 2023 ] in accordance with the terms and conditions of the agreement governing such loan or borrowing , or, Clause e. interest payable on any LOAN or ADVANCE from a scheduled bank or a co-operative bank other than a primary agricultural credit society or a primary co-operative agricultural a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 020-2021/10 FIDD.MSME NFS.BC.No.3/06.02.31/2020-21) . Micro Enterprises Investment in plant and machinery or equipment does not exceed ₹ 1 crore rupees and Turnover does not exceed ₹ 5 crore; Small enterprises Investment in plant and machinery or equipment does not exceed ₹ 10 crore rupees and Turnover does not exceed ₹ 50 crore. Verification of MSME Registration Certificate - Go to - MSME Registration site ( https://udyamregistration.gov.in ) Go to - Print/ verify - click on verify udaym registration number; or click on this inke https://udyamregistration.gov.in/Udyam_Verify.aspx . [ Inserted by FA 2023 ] shall be allowed as deduction only in the previous year in which such sum is actually paid by him. This is irres ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 43B to provide the conversion of interest payable under clause (d), Clause (da), and Clause (e) of section 43B , into debenture or any other instrument by which liability to pay is deferred to a future date, shall also not be deemed to have been actually paid. The manner in which the converted interest will be allowed as deduction has been clarified in Circular no. 7/2006 dated 17.07.2006. The unpaid interest, whenever actually paid to the bank or financial institution, will be in the nature of revenue expenditure deserving deduction in the computation of income. Therefore, irrespective of the nomenclature, the deduction will be allowed in the previous year in which the converted interest is actually paid. Clarification on Non-applicabil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g or holding public deposits and is registered with the Reserve Bank of India under the provisions of the Reserve Bank of India Act, 1934 non-banking financial company shall have the meaning assigned to it in clause (f) of section 45-I of the Reserve Bank of India Act, 1934 systemically important non-deposit taking non-banking financial company means a non-banking financial company which is not accepting or holding public deposits and having total assets of not less than ₹ 500 crore as per the last audited balance sheet and is registered with the Reserve Bank of India under the provisions of the Reserve Bank of India Act, 1934. Notes: The provisions of section 43B shall not apply in relation to any sum which is actually paid by the as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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