Determination of finance charges.

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..... f interest paid to any participant, which is in accordance with the agreement of formation of unincorporated body and relates to the period falling after the date of such agreement, limited to the extent as may be prescribed; (d) the amount of any incidental financial charges; (e) the proportionate amount of discount or premium payable on any bond or debenture issued by the person, calculated in t .....

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..... ancial institution, shall be allowed as a deduction, notwithstanding anything in sub-section (1), in the financial year in which the amount is actually paid or in the financial year in which the liability has accrued, whichever is later. (4) Any interest referred to in sub-section (3) which has been converted into a loan or borrowing shall not be deemed to have been actually paid for the purposes .....

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