Amendment of section 43B.

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....from a deposit taking non-banking financial company or systemically important non-deposit taking non-banking financial company, in accordance with the terms and conditions of the agreement governing such loan or borrowing, or"; (ii) after Explanation 3A, the following Explanation shall be inserted, namely:-- "Explanation 3AA.-For the removal of doubts, it is hereby declared that where ....

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.... actually paid and any interest referred to in that clause which has been converted into a loan or borrowing shall not be deemed to have been actually paid."; (iv) in Explanation 4, after clause (d), the following clauses shall be inserted, namely:-- '(e) "deposit taking non-banking financial company" means a non-banking financial company which is accepting or holding public deposits a....

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.... only on actual payment. Clause (d) of the said section provides that in case of any loan or borrowing from any public financial institution or a State financial corporation or a State industrial investment corporation, deduction of any sum payable by the assessee as interest on such borrowing, in accordance with the terms and conditions of the agreement governing such loan or borrowing, shall ....

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....erred to in clause (da) of this section is allowed in computing the income referred to in section 28 of the previous year (being a previous year relevant to the assessment year commencing on the 1st April, 2019, or any earlier assessment year) in which the liability to pay such sum was incurred by the assessee, the assessee shall not be entitled to any deduction under this section in respect of su....