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of <h1>Section 37 clarifies deductions allowed only when actually paid, defines sum payable, tightens interest and entity rules</h1> The enacted Section 37 retains the core rule that specified deductions are allowable only when actually paid, overriding accounting method or liability timing, but refines scope and interpretation: it expressly covers interest on 'loans or advances or borrowings' tied to contractual terms, adds a definitional rule clarifying what counts as a 'sum payable' for tax/duty/cess, narrows avoidance by excluding conversion of unpaid interest into deferred instruments as payment, and formalises the class of 'specified financial entities' subject to central notification. An early-payment carve-out permits deduction if paid on or before the return-filing due date (except for MSME supplier amounts).
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