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of <h1>Finance Bill 2009: Amendments to Section 43 of Income-tax Act Affect Capital Asset Cost and Depreciation Rules</h1> Clause 17 of the Finance (No. 2) Bill, 2009 proposes amendments to section 43 of the Income-tax Act, effective April 1, 2010. A new Explanation 13 is introduced in clause (1), stating that the actual cost of a capital asset, for which a deduction under section 35AD is allowed, shall be treated as 'nil' for the assessee or if acquired through gift, will, trust, liquidation, or specified transfers. Additionally, Explanation 7 in clause (6) clarifies that for assets acquired before the previous year, depreciation is computed as if all income is from business, impacting the assessment year 2010-2011 onwards.
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