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of <h1>Tax Deductions Contingent on Actual Cash Payment: Section 43B Ensures Direct Financial Compliance for Specified Expenses</h1> Section 43B of the Income Tax Act, 1961 mandates that certain deductions for taxes, duties, contributions, interest, and other specified payments are allowed only when actually paid. This provision ensures that tax deductions are contingent on actual cash payment, regardless of the accounting method used. The section covers various types of payments, including taxes, employee welfare contributions, loan interests, and payments to micro or small enterprises, with specific conditions and explanations for different scenarios.
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