Organized jointly by the Chamber of Small Industry Associations (COSIA) and the Thane Small Scale Industries Association (TSSIA), the seminar on the applicability of Section 43B(h) of the Income Tax Act, 1961, took place on February 12, 2024. The event aimed to enlighten participants on the implications of this new amendment, particularly concerning payments to micro and small enterprises.
COSIA and TSSIA collaborated to bring forth this enlightening seminar. They were joined by Lakshmikumaran & Sridharan, Attorneys (L&S), who served as the knowledge partners for the event.
Mrs. Sujata Soparkar, President of TSSIA, delivered the opening remarks, setting the stage for the seminar’s discussions.Mr. Sandeep Parikh, President of COSIA, provided an overview of the seminar’s objectives and importance.
The seminar featured distinguished speakers from L&S, including Mr. S. Sriram (Partner) and Mr. Dinsesh Kukreja (Principal Associate, Direct Tax). Mr. Sriram delved into the practical implementation of Section 43B(h) of the IT Act, covering historical background, constitutional validity, pre-requisites for applicability, and scenarios involving continuous supply of goods and services.
Bank of Baroda, a proud supporter of the seminar, presented insights into their specialized products and services catering to Micro, Small, and Medium Enterprises (MSMEs). Mr. Kamlesh Rathod (Regional Head MMER) and Mr. Sandeep Prakash (Zonal Sales Manager) were instrumental in detailing the bank’s offerings.
Mr. Ashish Sirsat, Vice President of TSSIA and Committee Member of COSIA, expressed gratitude to the speakers, sponsors, and participants for their engagement and support.
The seminar attracted approximately 60 MSME representatives keen on understanding the legal and financial aspects of Section 43B(h). Q&A Session: A lively question-and-answer session followed the presentations, allowing attendees to seek further clarification on the discussed topics.
A subsequent seminar on the same topic was held on March 27, 2024 organized by COSIA and TSSIA and knowledge partners from L&S. This session featured Mr. Kukreja as the sole speaker, continuing the discourse on Section 43B(h) of the IT Act.
These seminars provided a comprehensive platform for MSMEs to navigate the intricacies of Section 43B(h) and gain valuable insights from legal experts and industry leaders.