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of <h1>Amendment to Section 43B: Interest on Term Loans from Scheduled Banks Now Covered; Clarifications on Deductions Added</h1> Section 43B of the Income-tax Act is amended effective April 1, 1997. Clause (d) is modified to include an additional clause (e), which specifies that any interest payable on a term loan from a scheduled bank, as per the loan agreement, is covered. Explanation 3A clarifies that if a deduction for such interest was allowed in a previous year relevant to the assessment year starting April 1, 1996, or earlier, no further deduction is permitted when the sum is actually paid. Additionally, Explanation 4 is expanded to define 'scheduled bank' as per section 36.
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