Amendment of section 58.
30. In section 58 of the Income-tax Act, in sub-section (1A), for the word, brackets, figures and letter “sub-clause (iia)”, the words, brackets, figures and letters “sub-clauses (ia) and (iia)” shall be substituted with effect from the 1st day of April, 2018.
Notes on Clauses:
Clause 30 of the Bill seeks to amend section 58 of the Income-tax Act relating to amounts not deductible.
The provisions of the said section specify the amounts which are not deductible in computing the income from other sources.
It is proposed to amend sub-section (1A) of the said section so as to provide that the provisions of sub-clause (ia) of clause (a) of section 40 shall also apply in computing the income chargeable under the head "Income from other sources" as they apply in computing the income chargeable under the head "Profit and gains of business or profession".
This amendment will take effect from 1st April, 2018 and will, accordingly, apply in relation to the assessment year 2018-2019 and subsequent years.
