What is 43B in an Indian Taxation?
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Answer / r.sivaraman
Under Sec 43B of Indian Income Tax Act, 1965
express "Certain deductions to be only on actual payment"
(a) any sum payable by the assessee by way of tax11a, duty,
cess or fee, by whatever name called, under any law for the
time being in force, or
(b) any sum payable by the assessee as an employer by way
of contribution to any provident fund or superannuation
fund or gratuity fund or any other fund for the welfare of
(c) any sum referred to in clause (ii) of sub-section (1)
of section 36,or
(d) any sum payable by the assessee as interest on any loan
or borrowing from any public financial institution or a
State financial corporation or a State industrial
investment corporation, in accordance with the terms and
conditions of the agreement governing such loan or borrowing
(e) any sum payable by the assessee as interest on any
[loan or advances] from a scheduled bank in accordance with
the terms and conditions of the agreement governing such
loan or advances or
(f) any sum payable by the assessee as an employer in lieu
of any leave at the credit of his employee,
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 previous year in which such sum is
actually paid by him
|Is This Answer Correct ?||58 Yes||6 No|
Answer / vijay
|Is This Answer Correct ?||16 Yes||6 No|
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