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of <h1>Finance Bill 2020 proposes amendment for insurance companies to claim deductions u/s 43B on payment basis.</h1> The Finance Bill 2020 proposes an amendment to allow insurance companies to claim deductions for amounts disallowed under section 43B on a payment basis. Section 44 of the Act dictates how insurance business profits are calculated, with Rule 5 addressing non-life insurance businesses. Currently, Rule 5 lacks provisions for deductions of expenses paid in subsequent years as specified in section 43B. The amendment intends to insert a proviso allowing such deductions in the year of actual payment, aligning with legislative intent. This change is effective from April 1, 2020, applicable to the assessment year 2020-21 onward.
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