Deduction timing for Section 43B: insured business expenses disallowed earlier permitted when actually paid. A proviso is proposed to Rule 5 of the First Schedule so that any sum added back under Section 43B in accordance with clause (a) of Rule 5 shall be ... Summary
Deduction timing for Section 43B: insured business expenses disallowed earlier permitted when actually paid.
A proviso is proposed to Rule 5 of the First Schedule so that any sum added back under Section 43B in accordance with clause (a) of Rule 5 shall be allowed as a deduction in computing income under the rule in the previous year in which such sum is actually paid; the amendment takes effect from 1 April 2020 and applies to assessment year 2020-21 and onwards.
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