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Amendment of section 55.

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..... the words any business , the words or profession shall be inserted. - Clause 33 of the Bill seeks to amend section 55 of the Incometax relating to meaning of adjusted , cost of improvement and cost of acquisition . Sub-clause (1) of clause (b) of sub-section (1) of the aforesaid section provides that the cost of improvement in relation to a capital asset, being goodwill of a business .....

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..... tion so as to include the right to carry on the profession also under its scope. These amendments will take effect from 1st April, 2017 and will, accordingly, apply in relation to the assessment year 2017- 2018 and subsequent years. - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation Tax Management India - taxmanagementindia - taxmanagement - taxm .....

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