Finance (no.2) Bill 2019- clause 13 – scope of S.43B increased to cover interest payable to two types of NBFC. As per author it is time to delete S.43B- there is loss to revenue by way of income-tax due to S.43B.

Finance (no.2) Bill 2019- clause 13 – scope of S.43B increased to cover interest payable to two types of NBFC. As per author it is time to delete S.43B- there is loss to revenue by way of income-tax due to S.43B. https://www.taxtmi.com/article/detailed?id=8621 Amendment adds interest payable to deposit-taking and systemically important non-deposit taking NBFCs to S.43B, so such interest is deductible only on actual payment, with a proviso permitting deduction in the year of accrual if payment is actually made before the due date for filing the return; converted interest that is capitalised into a loan is not treated as actual payment, and definitions and transitional clarifications are provided. en-us Wed, 17 Jul 2019 07:40:25 +0530 Wed, 17 Jul 2019 07:40:25 +0530 TaxTMI RSS Generator Finance (no.2) Bill 2019- clause 13 – scope of S.43B increased to cover interest payable to two types of NBFC. As per author it is time to delete S.43B- there is loss to revenue by way of income-tax due to S.43B. https://www.taxtmi.com/article/detailed?id=8621 Amendment adds interest payable to deposit-taking and systemically important non-deposit taking NBFCs to S.43B, so such interest is deductible only on actual payment, with a proviso permitting deduction in the year of accrual if payment is actually made before the due date for filing the return; converted interest that is capitalised into a loan is not treated as actual payment, and definitions and transitional clarifications are provided. Articles Income Tax Wed, 17 Jul 2019 07:40:25 +0530 https://www.taxtmi.com/article/detailed?id=8621