https://www.taxtmi.com/acts?id=38342 A proviso to rule 5 of the First Schedule permits any sum payable under section 43B that was added back under the rule to be allowed as a deduction in computing income in the previous year in which that sum is actually paid. The amendment adjusts timing of deduction for statutory payments in computing profits of insurance business and applies from 1 April 2020 for the assessment year 2020-2021 and later years. en-us Sat, 01 Feb 2020 17:32:34 +0530 Sat, 01 Feb 2020 17:32:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=38342 A proviso to rule 5 of the First Schedule permits any sum payable under section 43B that was added back under the rule to be allowed as a deduction in computing income in the previous year in which that sum is actually paid. The amendment adjusts timing of deduction for statutory payments in computing profits of insurance business and applies from 1 April 2020 for the assessment year 2020-2021 and later years. Act-Rules Bill Sat, 01 Feb 2020 17:32:34 +0530 https://www.taxtmi.com/acts?id=38342