India - Income Tax Act 2010 - Saarc

S. 43B I.T. ACT, 1961 1.280(b) any sum payable by the assessee as an employer by way of contributionto any provident fund or superannuation fund or gratuity fundor any other fund for the welfare of employees, 20 [or]20[(c) any sum referred to in clause (ii) of sub-section (1) of section 36,] 21 [or]21[(d) any sum payable by the assessee as interest on any loan or borrowingfrom any public financial institution 22 [or a State financial corporationor a State industrial investment corporation], in accordance withthe terms and conditions of the agreement governing such loan orborrowing 23 [, or]23[(e) any sum payable by the assessee as interest on any 24 [loan oradvances] from a scheduled bank in accordance with the terms andconditions of the agreement governing such loan 25 [or advances],]26[or]26[(f) any sum payable by the assessee as an employer in lieu of any leaveat the credit of his employee,]shall be allowed (irrespective of the previous year in which the liability to paysuch sum was incurred by the assessee according to the method of accountingregularly employed by him) only in computing the income referred to in section28 of that previous year in which such sum is actually paid by him :27[Provided that nothing contained in this section shall apply in relation to anysum 28 [***] which is actually paid by the assessee on or before the due dateapplicable 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 sumwas incurred as aforesaid and the evidence of such payment is furnished by theassessee along with such return 29 .30[***]]20. Inserted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989.21. Inserted by the Finance Act, 1988, w.e.f. 1-4-1989.22. Inserted by the Finance Act, 1990, w.e.f. 1-4-1991.23. Inserted by the Finance (No. 2) Act, 1996, w.e.f. 1-4-1997.24. Substituted for “term loan” by the Finance Act, 2003, w.e.f. 1-4-2004.25. Inserted, ibid.26. Inserted by the Finance Act, 2001, w.e.f. 1-4-2002.27. Inserted by the Finance Act, 1987, w.e.f. 1-4-1988.28. Words “referred to in clause (a) or clause (c) or clause (d) or clause (e) or clause (f)” omittedby the Finance Act, 2003, w.e.f. 1-4-2004. Earlier the quoted words were amended by theDirect Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989, Finance Act, 1988, w.e.f. 1-4-1989,Finance (No. 2) Act, 1998, w.r.e.f. 1-4-1997 and Finance Act, 2001, w.e.f. 1-4-2002.29. Rule 12 provides that the return of income shall not be accompanied by any document orcopy of any account or form or report of audit required to be attached with return ofincome under any of the provisions of the Act.30. Second proviso omitted by the Finance Act, 2003, w.e.f. 1-4-2004. Prior to its omission, thesecond proviso, as substituted by the Finance Act, 1989, w.e.f. 1-4-1989, read as under:“Provided further that no deduction shall, in respect of any sum referred to in clause (b),be allowed unless such sum has actually been paid in cash or by issue of a cheque or draftor by any other mode on or before the due date as defined in the Explanation below clause(va) of sub-section (1) of section 36, and where such payment has been made otherwisethan in cash, the sum has been realised within fifteen days from the due date.”