A new provision has been introduced in the Income Tax Act of 1961 by the Finance Bill of 2023 that addresses the newly added clause (H) in Section 43B. A new clause (H) has been added to ensure timely payments, particularly for small and micro businesses. There are certain deductions allowed under Section 43B of the Act only if payments are actually made. It is proposed to introduce a new clause in this section in the Finance Bill of 2023. In the budget, clause (h) of Section...
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