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of <h1>Section 43B: Deductions allowed only when actually paid, with return-proof proviso and exclusions for deferred interest</h1> Section 43B requires that specified deductions-taxes/cess/fees, employer contributions to employee welfare funds, certain business expenses, interest on borrowings from notified financial institutions/NBFCs/scheduled or specified cooperative banks, employer leave encashment, payments for use of railway assets, and late payments to micro or small enterprises-are deductible only in the year they are actually paid, regardless of accounting accruals. A proviso permits deduction if payment is made and evidenced by the income-tax return by its due date. Explanations clarify historic applicability, define covered institutions and enterprises, and state that interest converted into loans/advances/debentures or otherwise deferred is not treated as actually paid.
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