Thursday, Apr 18 2024 | Time 00:43 Hrs(IST)
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Business Economy


FTCCI to organize panel discussion in Hyderabad on Feb 16

Hyderabad, Feb 14 (UNI) Federation of Telangana Chambers of Commerce and Industry (FTCCI) will organize a Panel Discussion on “Implications & Remedies of Delayed Payments to MSMEs” here on Friday.
MSME entities constitute a large segment of the Indian economy and most business organizations are dealing with MSME entities throughout the year.
To promote timely payments to Micro and Small Enterprises, the Government inserted a new provision clause (h) of Section 43B of the Income Tax Act with effect from April 1, 2023 vide Finance Act, 2023.
Clause (h) of Sec. 43B mandates that any sum payable to a registered MSME be a micro or a small enterprise before the due date as per Sec. 15 of the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006, FTCCI said in a release here on Wednesday.
There is big confusion among Trade and Industry regarding what is clause (h) of Section 43B of the Income Tax Act & how to check its applicability, what to do in case of default, its consequences, how to treat in Accounting, Statutory norms.
To clear all these doubts and to provide clarification, FTCCI is organizing this Panel Discussion. The panel discussion will be handled by experts, the release added.
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