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of <h1>Finance Bill 2022: Section 43B Amended to Exclude Deferred Payments as Actual Payment for Tax Deductions</h1> Clause 14 of the Finance Bill, 2022, amends section 43B of the Income-tax Act, effective April 1, 2023. It modifies Explanations 3C, 3CA, and 3D to include that conversion of interest payable under clauses (d), (da), and (e) into debentures or any instrument deferring payment is not considered actual payment. Previously, only conversion into loans or advances was covered. These changes apply from the assessment year 2023-2024 onwards, ensuring that certain deductions are allowed only upon actual payment and not through deferred financial instruments.
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