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Amendment of First Schedule.

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..... shall be allowed as deduction in computing the income under the said rule in the previous year in which such sum is actually paid. . Clause 104 of the Bill seeks to amend rule 5 of the First Schedule of the Income-tax Act relating to computation of profits and gains to other insurance business. The said rule provides that profits and gains of any business of insurance other than life insurance sh .....

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..... t a new proviso to the said rule so as to provide that any sum payable by the assessee under section 43B which is added back in accordance with clause (a) of the said rule shall be allowed as deduction in computing the income in the previous year in which such sum is actually paid. This amendment will take effect from 1st April, 2020 and will, accordingly, apply in relation to the assessment year .....

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