Applicability of Section 40(a)(ia) clarified: 'payable' includes amounts paid during the year and may trigger disallowance. The Board clarifies that under Section 40(a)(ia) the term 'payable' includes amounts payable at any time during the previous year and expressly includes amounts actually paid during the previous year without deduction of tax at source, thus attracting disallowance; where a High Court decision contradicts this departmental view, the CCIT must notify the CTC for priority examination to determine whether to pursue further proceedings or seek legislative amendment.