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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Income-tax Act Rule 5 Amended: Investment Gains/Losses Adjustments and Diminution Provisions Effective April 1, 2011</h1> In the First Schedule of the Income-tax Act, rule 5 is amended by replacing clause (b) with a new provision, effective April 1, 2011. The updated clause specifies that any gain or loss from the realization of investments should be adjusted if not reflected in the profit and loss account. Additionally, any provision for the diminution in the value of investments that has been debited to the profit and loss account must be added back. This amendment is part of the Finance Act, 2010, modifying the previous provision from the Finance (No.2) Act, 2009.
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