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of <h1>Finance Bill 2017 amends Section 43B: Loan interest deductible if paid by return due date; new definitions added.</h1> Clause 17 of the Finance Bill, 2017 proposes amendments to section 43B of the Income-tax Act, effective from April 1, 2018. It specifies that interest on loans from co-operative banks, excluding primary agricultural credit societies or primary co-operative agricultural and rural development banks, will be deductible if paid by the return filing due date. The amendment also introduces definitions for 'co-operative bank,' 'primary agricultural credit society,' and 'primary co-operative agricultural and rural development bank,' aligning with section 80P. These changes apply from the assessment year 2018-2019 onwards.
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