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of <h1>Finance Bill 2019 amends Section 43B: Deductions for interest on loans from NBFCs only when paid.</h1> Clause 13 of the Finance (No. 2) Bill, 2019 amends section 43B of the Income-tax Act, effective April 1, 2020. It introduces clause (da), allowing deductions for interest on loans from deposit-taking or systemically important non-deposit taking non-banking financial companies only in the year the interest is actually paid. Explanation 3AA clarifies that if a deduction was previously allowed, it cannot be claimed again when the sum is paid. Explanation 3CA states that interest converted into a loan is not considered paid. Definitions for relevant financial companies are added in Explanation 4. These changes apply from the assessment year 2020-2021 onward.
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