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 ..... or borrowing from 41 [ such class of non-banking financial companies as may 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re a deduction in respect of any sum referred to in clause ( e ) of this section 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, 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 . - Fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... means a financial corporation established under section 3 or section 3A or an institution notified under section 46 of the State Financial Corporations Act, 1951 (63 of 1951); ( c ) State industrial investment corporation means a Government company within the meaning of section 617 of the Companies Act, 1956 (1 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 17. Inserted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. 18. Inserted by the Finance Act, 1989, w.r.e.f. 1-4-1984. 19. Inserted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. 20. Renumbered by the Finance Act, 1989, w.r.e.f. 1-4-1984. 21. Inserted by the Finance Act, 1988, w.e.f. 1-4-1989. 22. Inserted by the Finance (No. 2) Act, 1996, w.e.f. 1-4-1997. 23. Inserted 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
