what is appointed Day under MSME act | FAQ section 43(h) of Income Tax Act

Detail video link on section 43B(h) of income Tax Act
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what is appointed Day under MSME act | FAQ section 43(h) of Income Tax Act
MSME ko payment nahi kiya to kya hoga
MSME me appointed day ka kya matlab hota hai
sub section (h) of section 43B inserted in finance act 2023, which is to in force w.e.f 01-04-2024.
section 43B of income tax act talk about the expenses which allowed on payment basis, same way sub section (h) introduced to make timely payment to micro and small enterprise MSME, medium enterprises also comes under MSME but medium enterprises are excluded from this provision for time bond payment.
Section 15 of MSMED act 2006, provides if a supplier i.e micro or small enterprises supplies goods to any assesse or render any services, payment should be made as per agreed upon days which should not exceeds 45 days and in absence of agreement payment should be made on or before appointed day which 15 days
section 16 of MSMED act provides interest to paid at rate 3 times bank rate notified by rbi compounded monthly rest if buyer fails to pay supplier as per stipulated time.
Section 43B(h) of income tax provides, if assesse paid MSME dues beyond time limit specified in section 15 of MSMED act, then respective expenses will disallowed and allowed in year of payment.

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