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Payment of Interest to Co-operative Banks shall be allowed on actual payment basis as is allowed in case of scheduled bank or public financial institutions etc. u/s 43B - Budget 2017-18 w.e.f. AY 2018-19

Dated:- 3-2-2017 - Clause - 017 - Amendment of section 43B. THE FINANCE BILL, 2017 Clause 17 of the Bill seeks to amend section 43B of the Income-tax Act relating to certain deductions to be only on actual payment. The said section inter alia, provides that any sum payable by the assessee by way of tax, cess, duty or fee, or interest on any loan or borrowing from any scheduled bank or public financial institution, etc., shall be allowed as deduction of the previous year in which the liability to .....

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