Section 43B
This query is : Resolved
03 January 2009
Hi every one
pls tell me the disallowance of Section 43B.
Thanking You
Bhagavan
CA Final
pls tell me the disallowance of Section 43B.
Thanking You
Bhagavan
CA Final
03 January 2009
Certain deductions to be only on actual payment.
5843B. 59Notwithstanding anything contained in any other provision of this Act, a deduction otherwise allowable under this Act in respect of
60[(a) any sum payable by the assessee by way of tax61, duty, cess or fee, by whatever name called, under any law for the time being in force, or]
(b) any sum payable by the assessee as an employer by way of contribution to any provident fund or superannuation fund or gratuity fund or any other fund for the welfare of employees, 62[or]
62[(c) any sum referred to in clause (ii) of sub-section (1) of section 36,] 63[or]
63[(d) any sum payable by the assessee as interest on any loan or borrowing from any public financial institution 64[or a State financial corporation or a State industrial investment corporation], in accordance with the terms and conditions of the agreement governing such loan or borrowing 65[, or]
65[(e) any sum payable by the assessee as interest on any 66[loan or advances] from a scheduled bank in accordance with the terms and conditions of the agreement governing such loan 67[or advances],] 68[or]
68[(f) any sum payable by the assessee as an employer in lieu of any leave at the credit of his employee,]
shall be allowed (irrespective of the previous year in which the liability to pay such sum was incurred by the assessee according to the method of accounting regularly employed by him) only in computing the income referred to in section 28 of that previous year in which such sum is actually paid by him :
69[Provided that nothing contained in this section shall apply in relation to any sum 70[***] which is actually paid by the assessee on or before the due date applicable in his case for furnishing the return of income under sub-section (1) of section 139 in respect of the previous year in which the liability to pay such sum was incurred as aforesaid and the evidence of such payment is furnished by the assessee along with such return.
71[***]]
Explanation 72[1].For the removal of doubts, it is hereby declared that where a deduction in respect of any sum referred to in clause (a) or clause (b) of this section is allowed in computing the income referred to in section 28 of the previous year (being a previous year relevant to the assessment year commenc-ing on the 1st day of April, 1983, or any earlier assessment year) in which the liability to pay such sum was incurred by the assessee, the assessee shall not be entitled to any deduction under this section in respect of such sum in computing the income of the previous year in which the sum is actually paid by him.]
73[Explanation 2.For the purposes of clause (a), as in force at all material times, any sum payable means a sum for which the assessee incurred liability in the previous year even though such sum might not have been payable within that year under the relevant law.]
74[75[Explanation 3].For the removal of doubts it is hereby declared that where a deduction in respect of any sum referred to in clause (c) 76[or clause (d)] of this section is allowed in computing the income referred to in section 28 of the previous year (being a previous year relevant to the assessment year commencing on the 1st day of April, 1988, or any earlier assessment year) in which the liability to pay such sum was incurred by the assessee, the assessee shall not be entitled to any deduction under this section in respect of such sum in computing the income of the previous year in which the sum is actually paid by him.]
77[Explanation 3A.For the removal of doubts, it is hereby declared that where a deduction in respect of any sum referred to in clause (e) of this section is allowed in computing the income referred to in section 28 of the previous year (being a previous year relevant to the assessment year commencing on the 1st day of April, 1996, or any earlier assessment year) in which the liability to pay such sum was incurred by the assessee, the assessee shall not be entitled to any deduction under this section in respect of such sum in computing the income of the previous year in which the sum is actually paid by him.]
78[Explanation 3B.For the removal of doubts, it is hereby declared that where a deduction in respect of any sum referred to in clause (f) of this section is allowed in computing the income, referred to in section 28, of the previous year (being a previous year relevant to the assessment year commencing on the 1st day of April, 2001, or any earlier assessment year) in which the liability to pay such sum was incurred by the assessee, the assessee shall not be entitled to any deduction under this section in respect of such sum in computing the income of the previous year in which the sum is actually paid by him.]
79[Explanation 3C.For the removal of doubts, it is hereby declared that a deduction of any sum, being interest payable under clause (d) of this section, shall be allowed if such interest has been actually paid and any interest referred to in that clause which has been converted into a loan or borrowing shall not be deemed to have been actually paid.]
80[Explanation 3D.For the removal of doubts, it is hereby declared that a deduction of any sum, being interest payable under clause (e) of this section, shall be allowed if such interest has been actually paid and any interest referred to in that clause which has been converted into a loan or advance shall not be deemed to have been actually paid.]
81[Explanation 4.For the purposes of this section,
(a) public financial institutions shall have the meaning assigned to it in section 4A82 of the Companies Act, 1956 (1 of 1956);
83[(aa) scheduled bank shall have the meaning assigned to it in the Explanation to clause (iii) of sub-section (5) of section 11;]
(b) State financial corporation means a financial corporation established under section 3 or section 3A or an institution notified under section 46 of the State Financial Corporations Act, 1951 (63 of 1951);
(c) State industrial investment corporation means a Government company84 within the meaning of section 617 of the Companies Act, 1956 (1 of 1956), engaged in the business of providing long-term finance for industrial projects and 85[eligible for deduction under clause (viii) of sub-section (1) of section 36].]
5843B. 59Notwithstanding anything contained in any other provision of this Act, a deduction otherwise allowable under this Act in respect of
60[(a) any sum payable by the assessee by way of tax61, duty, cess or fee, by whatever name called, under any law for the time being in force, or]
(b) any sum payable by the assessee as an employer by way of contribution to any provident fund or superannuation fund or gratuity fund or any other fund for the welfare of employees, 62[or]
62[(c) any sum referred to in clause (ii) of sub-section (1) of section 36,] 63[or]
63[(d) any sum payable by the assessee as interest on any loan or borrowing from any public financial institution 64[or a State financial corporation or a State industrial investment corporation], in accordance with the terms and conditions of the agreement governing such loan or borrowing 65[, or]
65[(e) any sum payable by the assessee as interest on any 66[loan or advances] from a scheduled bank in accordance with the terms and conditions of the agreement governing such loan 67[or advances],] 68[or]
68[(f) any sum payable by the assessee as an employer in lieu of any leave at the credit of his employee,]
shall be allowed (irrespective of the previous year in which the liability to pay such sum was incurred by the assessee according to the method of accounting regularly employed by him) only in computing the income referred to in section 28 of that previous year in which such sum is actually paid by him :
69[Provided that nothing contained in this section shall apply in relation to any sum 70[***] which is actually paid by the assessee on or before the due date applicable in his case for furnishing the return of income under sub-section (1) of section 139 in respect of the previous year in which the liability to pay such sum was incurred as aforesaid and the evidence of such payment is furnished by the assessee along with such return.
71[***]]
Explanation 72[1].For the removal of doubts, it is hereby declared that where a deduction in respect of any sum referred to in clause (a) or clause (b) of this section is allowed in computing the income referred to in section 28 of the previous year (being a previous year relevant to the assessment year commenc-ing on the 1st day of April, 1983, or any earlier assessment year) in which the liability to pay such sum was incurred by the assessee, the assessee shall not be entitled to any deduction under this section in respect of such sum in computing the income of the previous year in which the sum is actually paid by him.]
73[Explanation 2.For the purposes of clause (a), as in force at all material times, any sum payable means a sum for which the assessee incurred liability in the previous year even though such sum might not have been payable within that year under the relevant law.]
74[75[Explanation 3].For the removal of doubts it is hereby declared that where a deduction in respect of any sum referred to in clause (c) 76[or clause (d)] of this section is allowed in computing the income referred to in section 28 of the previous year (being a previous year relevant to the assessment year commencing on the 1st day of April, 1988, or any earlier assessment year) in which the liability to pay such sum was incurred by the assessee, the assessee shall not be entitled to any deduction under this section in respect of such sum in computing the income of the previous year in which the sum is actually paid by him.]
77[Explanation 3A.For the removal of doubts, it is hereby declared that where a deduction in respect of any sum referred to in clause (e) of this section is allowed in computing the income referred to in section 28 of the previous year (being a previous year relevant to the assessment year commencing on the 1st day of April, 1996, or any earlier assessment year) in which the liability to pay such sum was incurred by the assessee, the assessee shall not be entitled to any deduction under this section in respect of such sum in computing the income of the previous year in which the sum is actually paid by him.]
78[Explanation 3B.For the removal of doubts, it is hereby declared that where a deduction in respect of any sum referred to in clause (f) of this section is allowed in computing the income, referred to in section 28, of the previous year (being a previous year relevant to the assessment year commencing on the 1st day of April, 2001, or any earlier assessment year) in which the liability to pay such sum was incurred by the assessee, the assessee shall not be entitled to any deduction under this section in respect of such sum in computing the income of the previous year in which the sum is actually paid by him.]
79[Explanation 3C.For the removal of doubts, it is hereby declared that a deduction of any sum, being interest payable under clause (d) of this section, shall be allowed if such interest has been actually paid and any interest referred to in that clause which has been converted into a loan or borrowing shall not be deemed to have been actually paid.]
80[Explanation 3D.For the removal of doubts, it is hereby declared that a deduction of any sum, being interest payable under clause (e) of this section, shall be allowed if such interest has been actually paid and any interest referred to in that clause which has been converted into a loan or advance shall not be deemed to have been actually paid.]
81[Explanation 4.For the purposes of this section,
(a) public financial institutions shall have the meaning assigned to it in section 4A82 of the Companies Act, 1956 (1 of 1956);
83[(aa) scheduled bank shall have the meaning assigned to it in the Explanation to clause (iii) of sub-section (5) of section 11;]
(b) State financial corporation means a financial corporation established under section 3 or section 3A or an institution notified under section 46 of the State Financial Corporations Act, 1951 (63 of 1951);
(c) State industrial investment corporation means a Government company84 within the meaning of section 617 of the Companies Act, 1956 (1 of 1956), engaged in the business of providing long-term finance for industrial projects and 85[eligible for deduction under clause (viii) of sub-section (1) of section 36].]
03 January 2009
Thank u sir.
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