Photo for representation. File photo
Ludhiana, April 3
The Federation of Industrial and Commercial Organsation (FICO) has filed an application with the Supreme Court against the implementation of Section 43-B of the Income Tax Act. The federation is waiting for the application to be accepted by the Supreme Court, in case it is not, FICO will move the High Court.
Rajiv Jain, general secretary, said the federation had filed the application three days back and are waiting for its acceptance.
Gurmeet Singh Kular, president, said the Central Government must defer the implementation of the amendment to April 1, 2025 as the notification of the amendment came at the eleventh hour and the payment system cannot be transformed over night. Many traders and industrialists feel there should be a ‘rationalisation of payment’ period of at least 15 to 30 days.
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