Section 12 of Finance Act 2018 : Amendment of section 43 of Income Tax

By | April 1, 2018
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(Last Updated On: April 14, 2018)

Section 12 of Finance Act 2018

[Section 12 of Finance Act 2018 deals with Amendment of section 43. and is covered in CHAPTER III DIRECT TAXES]

Amendment of section 43.

12. In section 43 of the Income-tax Act, with effect from the 1st day of April, 2019,—

(i)in clause (1), after Explanation 1, the following Explanation shall be inserted, namely:—
Explanation 1A.—Where a capital asset referred to in clause (via) of section 28 is used for the purposes of business or profession, the actual cost of such asset to the assessee shall be the fair market value which has been taken into account for the purposes of the said clause.”;
(ii)in clause (5), after the proviso and before Explanation 1, the following proviso shall be inserted, namely:—
Provided further that for the purposes of clause (e) of the first proviso, in respect of trading in agricultural commodity derivatives, the requirement of chargeability of commodity transaction tax under Chapter VII of the Finance Act, 2013 (17 of 2013) shall not apply.”.

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