Section 9 of Finance Act 2018 : Amendment of section 28 of Income Tax

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

Section 9 of Finance Act 2018

[Section 9 of Finance Act 2018 deals with Amendment of section 28. and is covered in CHAPTER III DIRECT TAXES]

Amendment of section 28.

9. In section 28 of the Income-tax Act, with effect from the 1st day of April, 2019,—

(I)in clause (ii), after sub-clause (d), the following sub-clause shall be inserted, namely:—
“(e)any person, by whatever name called, at or in connection with the termination or the modification of the terms and conditions, of any contract relating to his business;”;
(II)after clause (vi), the following clause shall be inserted, namely:—
“(via)the fair market value of inventory as on the date on which it is converted into, or treated as, a capital asset determined in the prescribed manner;”.

Finance Act 2018 : Assented by President : Download Print Notification

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