Page 31 - Narayan Rane News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Under the law --- section 43B(h) of the Income Tax Act --- whose impact would be felt for the first time this year, a business entity failing to pay its vendors registered as `micro or ‘small (MSE) within 45 of delivery, would not get the deduction of its purchase in the year of the purchase but can claim the deduction only in the year of ‘actual payment. Thus, deduction disallowance for unpaid outstanding would increase the taxable income and tax of companies for FY24.

Union minister Rajeev Chandrasekhar, who represents Karnataka in Rajya Sabha, and BJP chief spokesperson and media head Anil Baluni, the outgoing MP from Uttarakhand, have been replaced with fresh faces

Trivedi is the only outgoing MP renominated by the party

Union ministers Mansukh Mandaviya and Parshottam Rupala from Gujarat, Union ministers Dharmendra Pradhan and L Murugan, both of whom represent Madhya Pradesh, and Union minister Narayan Rane from Maharashtra are among those retiring from the House as members. R P N Singh, who comes from the politically important Krumi caste, was in the Congress before joining the BJP. He was a minister in the Congress-led UPA government.

The new law under Section 43B(h) of the Income Tax Act, which mandates payment to micro and small enterprises (MSEs) within 45 days of delivery to claim deductions, is causing concern and leading to various strategies by businesses and vendors to mitigate its impact. Some companies are attempting to avoid the law's impact by sending letters to vendors without expecting responses, while others are issuing post-dated cheques or raising objections within 15 days of delivery to delay payment obligations.