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Change in the Definition of Actual Cost in respect of Capital Assets in respect of which deduction or part of deduction allowed u/s 35AD - New proviso to the Explanation 13 to Section 43(1) - Budget 2017-18 w.e.f. AY 2018-19

Dated:- 3-2-2017 - Clause - 016 - Amendment of section 43. THE FINANCE BILL, 2017 Clause 16 of the Bill seeks to amend section 43 of the Income-tax Act relating to definitions of certain terms relevant to income from profits and gains of business or profession. It is proposed to insert a proviso in Explanation 13 of clause (1) of the said section so as to provide that where any capital asset in respect of which deduction or part of deduction allowed under section 35AD is deemed to be the income .....

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