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of <h1>Finance Act 2006 amends Section 43B: Interest deductions allowed only if actually paid, not converted to loans.</h1> Section 43B of the Income-tax Act is amended by the Finance Act, 2006. Explanation 3C is inserted, effective from April 1, 1989, clarifying that deductions for interest payable under clause (d) are allowed only if the interest is actually paid, not if converted into a loan. Explanation 3D, effective from April 1, 1997, similarly clarifies that deductions for interest payable under clause (e) are allowed only if the interest is actually paid, not if converted into a loan or advance.
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