The Finance Act of 2023 introduced Section 43B (h), which specifies that any amount owed to Micro and Small enterprises for supplied goods or rendered services can be deducted within the same year if it's paid within the deadline set by the Micro, Small and Medium Enterprises Development (MSMED) Act of 2006. This amendment is effective from 1st April, 2024 and applies to the assessment year 2024-25 and subsequent years. According to section 15 of the Act, business enterprises
