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of <h1>Section 43 Amendment: Changes to 'Actual Cost' Definition for Depreciation Claims; New Proviso on Payment Methods Over 10,000</h1> Clause 16 of the Finance Bill, 2017 amends section 43 of the Income-tax Act concerning the definition of 'actual cost' for depreciation claims. Effective from April 1, 2018, it introduces a proviso that disregards expenditures exceeding ten thousand rupees for asset acquisition if paid otherwise than by account payee cheque, bank draft, or electronic clearing. Additionally, a proviso in Explanation 13 specifies that for assets with deductions under section 35AD deemed as income, the actual cost is reduced by depreciation that would have applied if used for business since acquisition. This applies from the assessment year 2018-2019 onwards.
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