India - Income Tax Act 2010 - Saarc

1.281 CH. IV - COMPUTATION OF BUSINESS INCOME S. 43BExplanation 31 [1].—For the removal of doubts, it is hereby declared that wherea deduction in respect of any sum referred to in clause (a) or clause (b) of thissection is allowed in computing the income referred to in section 28 of theprevious year (being a previous year relevant to the assessment year commencingon the 1st day of April, 1983, or any earlier assessment year) in which theliability to pay such sum was incurred by the assessee, the assessee shall not beentitled to any deduction under this section in respect of such sum in computingthe income of the previous year in which the sum is actually paid by him.]32[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 theprevious year even though such sum might not have been payable within thatyear under the relevant law.]33[ 34 [Explanation 3].—For the removal of doubts it is hereby declared that wherea deduction in respect of any sum referred to in clause (c) 35 [or clause (d)] of thissection is allowed in computing the income referred to in section 28 of theprevious year (being a previous year relevant to the assessment year commencingon the 1st day of April, 1988, or any earlier assessment year) in which theliability to pay such sum was incurred by the assessee, the assessee shall not beentitled to any deduction under this section in respect of such sum in computingthe income of the previous year in which the sum is actually paid by him.]36[Explanation 3A.—For the removal of doubts, it is hereby declared that wherea deduction in respect of any sum referred to in clause (e) of this section isallowed 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 1stday of April, 1996, or any earlier assessment year) in which the liability to paysuch sum was incurred by the assessee, the assessee shall not be entitled to anydeduction under this section in respect of such sum in computing the income ofthe previous year in which the sum is actually paid by him.]37[Explanation 3B.—For the removal of doubts, it is hereby declared that wherea deduction in respect of any sum referred to in clause (f) of this section isallowed 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 1stday of April, 2001, or any earlier assessment year) in which the liability to paysuch sum was incurred by the assessee, the assessee shall not be entitled to anydeduction under this section in respect of such sum in computing the income ofthe previous year in which the sum is actually paid by him.]38[Explanation 3C.—For the removal of doubts, it is hereby declared that adeduction of any sum, being interest payable under clause (d) of this section, shall31. Inserted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989.32. Inserted by the Finance Act, 1989, w.r.e.f. 1-4-1984.33. Inserted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989.34. Renumbered by the Finance Act, 1989, w.r.e.f. 1-4-1984.35. Inserted by the Finance Act, 1988, w.e.f. 1-4-1989.36. Inserted by the Finance (No. 2) Act, 1996, w.e.f. 1-4-1997.37. Inserted by the Finance Act, 2001, w.e.f. 1-4-2002.38. Inserted by the Finance Act, 2006, w.r.e.f. 1-4-1989.