In the era of digital communication, social media platforms have made it very easy to spread messages and information. However, it has also given a rise to the spread of misinformation, often leading to confusion among people. Recently, a viral message on social media alleged changes in the provisions of Section 43B(h) concerning payments made to Micro, Small, and Medium Enterprises (MSMEs) by the Ministry of Finance. However, a closer look reveals that this claim is entirely false.
The viral message sparked concerns among business owners, stakeholders, and individuals associated with the MSME sector, who feared potential implications of the alleged changes. However, the truth, as clarified by PIB Fact Check, is that there have been no alterations made to the provision under Section 43B(h). This provision, as introduced by the Finance Act of 2023, remains intact without any modifications.
Informing about the same, PIB Fact Check, which bust fake news and misinformation related to the Government of India, tweeted, “A viral message on social media claims that changes have been made in the provisions of Section 43B(h) regarding payments made to MSME by @FinMinIndia.” It further added that this claim is fake and the provision as brought in by the Finance Act 2023 has not been changed in any manner.
Section 43B(h) of the Income Tax Act, 1961, is a crucial aspect of tax legislation, particularly concerning payments made to MSMEs. It pertains to the eligibility of deductions for certain expenses, including payments to MSMEs, and plays a significant role in promoting timely payments and financial stability within the sector.