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Amendment of section 43.

Clause 16 - Bills - DIRECT TAXES - Income-tax - Bill - Clause 16 - 16. In section 43 of the Income-tax Act, in clause (1), with effect from the 1st day of April, 2018,- (a) after the proviso and before Explanation 1, the following proviso shall be in .....

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drawn on a bank or an account payee bank draft or use of electronic clearing system through a bank account, exceeds ten thousand rupees, such expenditure shall be ignored for the purposes of determination of actual cost. ; (b) in Explanation 13, the .....

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ion (7B) of the said section, the actual cost of the asset to the assessee shall be the actual cost to the assessee, as reduced by an amount equal to the amount of depreciation calculated at the rate in force that would have been allowable had the as .....

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ofession. Clause (1) of the said section provides for the definition of "actual cost" for the purposes of claiming depreciation under section 32 of the Act. It is proposed to insert a proviso before Explanation 1 of clause (1) of said secti .....

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payee bank draft or use of electronic clearing system through a bank account, exceeds ten thousand rupees, such expenditure shall be ignored for the purposes of determination of actual cost. It is also proposed to insert a proviso in Explanation 13 o .....

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