Interest deductibility: deduction allowed only on actual payment; converted interest into loans or advances not treated as paid. The amendment inserts two explanatory provisions declaring that a deduction for interest under the specified clauses is allowable only if the interest has ... Summary
Interest deductibility: deduction allowed only on actual payment; converted interest into loans or advances not treated as paid.
The amendment inserts two explanatory provisions declaring that a deduction for interest under the specified clauses is allowable only if the interest has been actually paid; interest that has been converted into a loan, borrowing, or advance shall not be deemed to have been actually paid, with the explanations given retrospective effect to earlier fiscal years.
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