Complete details of Section 43 B (h) of Income Tax Act on Timely Payment to MSMEs. 

This is the complete details on Section 43 B (h) of the Income Tax Act.
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According to Section 43 B (h) of the Income Tax Act If payment to Micro & Small Enterprises is not made in specified time, the default amount shall be added to the taxable income of assessee in the Previous Year and the assessee has to pay the tax on such amount. The assessee may then claim the deduction in the Previous Year in whch it will make the payment to the MSE..
The Specified time is mentioned under Chapter V of the Micro Small and Medium Enterprises Development Act 2006 from Section 15 to 24.
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