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<h1>Section 43B: Deductions Allowed Only on Actual Payment Basis for Taxes, Bonuses, and Employer Contributions</h1> Section 43B of the Income Tax Act mandates that certain deductions are allowed only on an actual payment basis, overriding other provisions. These include taxes, employer contributions to employee welfare funds, bonuses, commissions, and interest on loans from financial institutions. Payments to micro or small enterprises must adhere to timelines under the MSME Development Act to be deductible on an accrual basis. Interest converted into loans is not considered paid until actually settled. Employer contributions to employee funds are deductible if paid by the due date for income returns. Specific definitions and exclusions apply, such as electricity charges and bottling fees.
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