https://www.taxtmi.com/manuals?id=1148 Deduction of specified business liabilities is allowed only on an actual payment basis, so an otherwise allowable expense is deductible in the tax year of payment and not when the liability arises. The rule applies to taxes, duties, employer contributions to welfare funds, leave encashment, bonus or commission, specified interest, railway payments, and delayed MSME dues, subject to limited exceptions. Interest converted into a loan, advance, debenture, or similar instrument is not treated as actually paid, and employee contributions are governed by the separate statutory deposit rule. en-us Tue, 15 Sep 2015 11:31:00 +0530 Wed, 06 May 2026 10:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/manuals?id=1148 Deduction of specified business liabilities is allowed only on an actual payment basis, so an otherwise allowable expense is deductible in the tax year of payment and not when the liability arises. The rule applies to taxes, duties, employer contributions to welfare funds, leave encashment, bonus or commission, specified interest, railway payments, and delayed MSME dues, subject to limited exceptions. Interest converted into a loan, advance, debenture, or similar instrument is not treated as actually paid, and employee contributions are governed by the separate statutory deposit rule. Manuals Income Tax Tue, 15 Sep 2015 11:31:00 +0530 https://www.taxtmi.com/manuals?id=1148