9911796707
TMI BlogCertain deductions to be only on actual paymentX X X X Extracts X X X X X X X X Extracts X X X X ..... y be notified by the Central Government in the Official Gazette in this behalf], in accordance with the terms and conditions of the agreement governing such loan or borrowing, or] 9[(e) any sum payable by the assessee as interest on any 10[loan or advances] from a scheduled bank 31[ or a co-operative bank other than a primary agricultural credit society or a primary co-operative agricultural and rural development bank ] in accordance with the terms and conditions of the agreement governing such loan 11[or advances],] 12[or] 13[(f) any sum payable by the assessee as an employer in lieu of any leave at the credit of his 29[ employee, or ]] 30[(g) any sum payable by the assessee to the Indian Railways for the use of railway assets, 42[or]] 43[(h) any sum payable by the assessee to a micro or small enterprise beyond the time-limit specified in section 15 of the Micro, Small and Medium Enterprises Development Act, 2006 (27 of 2006.),] shall be allowed (irrespective of the previous year in which the liability to pay such sum was incurred by the assessee according to the method of accounting regularly employed by him) only in computing the income referred to in section 28 of that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing on the 1st day of April, 1996, or any earlier assessment year) in which the liability to pay such sum was incurred by the assessee, the assessee shall not be entitled to any deduction under this section in respect of such sum in computing the income of the previous year in which the sum is actually paid by him.] 34[Explanation 3AA.-For the removal of doubts, it is hereby declared that where a deduction in respect of any sum referred to in clause (da) is allowed in computing the income referred to in section 28, of the previous year (being a previous year relevant to the assessment year commencing on the 1st day of April, 2019, or any earlier assessment year) in which the liability to pay such sum was incurred by the assessee, the assessee shall not be entitled to any deduction under this section in respect of such sum in computing the income of the previous year in which the sum is actually paid by him.] 23[Explanation 3B.-For the removal of doubts, it is hereby declared that where a deduction in respect of any sum referred to in clause (f) of this section is allowed in computing the income, referred to in section 28, of the previous year (being a previous year relevant to th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of 1956), engaged in the business of providing long-term finance for industrial projects and 28[eligible for deduction under clause (viii) of sub-section (1) of section 36].] 32[(d) "co-operative bank", "primary agricultural credit society" and "primary co-operative agricultural and rural development bank" shall have the meanings respectively assigned to them in the Explanation to sub-section (4) of section 80P. ] 36[45[(e) "micro enterprise" shall have the meaning assigned to it in clause (h) of section 2 of the Micro, Small and Medium Enterprises Development Act, 2006 (27 of 2006.);] (f) "non-banking financial company" shall have the meaning assigned to it in clause (f) of section 45-I of the Reserve Bank of India Act, 1934 (2 of 1934.); 46[(g) "small enterprise" shall have the meaning assigned to it in clause (m) of section 2 of the Micro, Small and Medium Enterprises Development Act, 2006 (27 of 2006).]] 37[Explanation 5.--For the removal of doubts, it is hereby clarified that the provisions of this section shall not apply and shall be deemed never to have been applied to a sum received by the assessee from any of his employees to which the provisi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nserted by the Finance Act, 2001, w.e.f. 1-4-2002. 24. Inserted by the Finance Act, 2006, w.r.e.f. 1-4-1989. 25. Inserted by the Finance Act, 2006, w.r.e.f. 1-4-1997. 26. Substituted by the Finance Act, 1990, w.e.f. 1-4-1991. Prior to substitution, Explanation 4 was inserted by the Finance Act, 1988, w.e.f. 1-4-1989 and amended by the Finance Act, 1989, w.r.e.f. 1-4-1984. 27. Substituted by the Finance Act, 1999, w.e.f. 1-4-2000. Prior to its substitution, clause (aa), as inserted by the Finance (No. 2) Act, 1996, w.e.f. 1-4-1997, read as under : '(aa) "scheduled bank" shall have the meaning assigned to it in clause (ii) of the Explanation to clause (viia) of sub-section (1) of section 36;' 28. Substituted for "approved by the Central Government under clause (viii) of sub-section (1) of section 36" by the Finance Act, 2000, w.e.f. 1-4-2000. 29. Substituted vide THE FINANCE ACT, 2016 w.e.f. 1st day of April, 2017, before it was read as, "employee" 30. Inserted vide THE FINANCE ACT, 2016 w.e.f. 1st day of April, 2017 31. Inserted vide THE FINANCE ACT, 2017 w.e.f. 1st day of April, 2018 32. Inserted vide THE FINANCE ACT, 2017 w.e.f. 1st day of Apr ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
