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of <h1>Finance Bill 2010 amends section 43 of Income-tax Act, affecting asset cost in company to LLP conversions.</h1> Clause 13 of the Finance Bill, 2010 amends section 43 of the Income-tax Act, effective April 1, 2011, concerning definitions relevant to business income. It updates Explanation 13 in clause (1) to include clause (xiiib) of section 47, affecting the cost of capital assets during the conversion of a private or unlisted public company to a limited liability partnership (LLP). The amendment specifies that the actual cost of such assets will be considered 'nil' if deductions were allowed under section 35AD. Additionally, a new Explanation 2C in clause (6) establishes that the written down value of asset blocks will transfer to the LLP upon conversion.
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