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Amendment of section 2

Clause 3 - Bills - DIRECT TAXES - Income-tax - FINANCE BILL, 2018 - Clause 3 - CHAPTER III DIRECT TAXES Income-tax 3. . In section 2 of the Income-tax Act,- (a) in clause (22), after Explanation 2, the following Explanation shall be inserted, namely: .....

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date of amalgamation. ; (b) with effect from the 1st day of April, 2019,- (i) in clause (24),- (A) after sub-clause (xii), the following sub-clause shall be inserted, namely:- (xiia) the fair market value of inventory referred to in clause (via) of s .....

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(i), after sub-clause (b), the following sub-clause shall be inserted, namely:- (ba) in the case of a capital asset referred to in clause (via) of section 28, the period shall be reckoned from the date of its conversion or treatment; . Clause 3 of t .....

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ses of the said clause. It is proposed to insert a new Explanation to the said clause to provide that in the case of an amalgamated company, accumulated profits or loss in the hands of the amalgamated company shall be increased by the accumulated pro .....

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of the said section defines the expression income . It is proposed to insert a new sub-clause (xiia) in the said clause (24) so as to include the fair market value of inventory referred to in Clause (via) of section 28, also within the definition of .....

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