Actual payment requirement: conversion of interest into debentures or deferred instruments will not qualify as payment under section 43B. The proposed amendment clarifies that conversion of interest payable to specified financial institutions, NBFCs, scheduled banks or co-operative banks ... Summary
Actual payment requirement: conversion of interest into debentures or deferred instruments will not qualify as payment under section 43B.
The proposed amendment clarifies that conversion of interest payable to specified financial institutions, NBFCs, scheduled banks or co-operative banks into debentures or any other instrument deferring payment shall not be deemed to have been actually paid for purposes of claiming a deduction under Section 43B, thereby excluding constructive discharge by conversion from qualifying as payment.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
