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Section 43B - Certain deductions on actual payment basis

Income Tax - Profit and Gains of Business or Profession - 69 - SEC - 43B: CERTAIN DEDUCTIONS ON ACTUAL PAYMENT BASIS Notwithstanding anything contained in any other provisions of the Income Tax Act, a deduction otherwise allowable under the Act in respect of - any tax, duty, cess or fee, by whatever name called, payable under any law for the time being in force, or employer s contribution to provident fund, gratuity fund or any other fund for the welfare of the employees, or any bonus or commiss .....

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ssee to Indian Railways for the use of railway asset. (inserted by FA, 2016, w.e.f. 1-4-2017) shall be allowed as deduction only in the previous year in which such sum is actually paid by him. This is irrespective of the previous year in which the liability to pay such sum was incurred by the assessee according to the method of accounting employed by him. Notes: The provisions of section 43B shall not apply in relation to any sum which is actually paid by the assessee on or before the due date a .....

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