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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Income-tax Act Amendment: Section 43B Updated with New Clause on Employee Leave Credit Deductions Effective April 2002.</h1> Section 43B of the Income-tax Act is amended effective April 1, 2002. The amendment includes inserting the word 'or' at the end of clause (e) and adding a new clause (f), which covers sums payable by an employer for leave credit of employees. Additionally, the first proviso is updated to include clause (f), and a new Explanation 3B is added. This explanation clarifies that if a deduction for sums under clause (f) is allowed in computing income for a previous year, the assessee cannot claim a deduction for the same sum in the year it is actually paid.
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