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of <h1>Amendment to Income-tax Act: Reference Date for Cost of Acquisition Changed from April 1981 to April 2001</h1> Section 55 of the Income-tax Act was amended by the Finance Act, 2017, effective from April 1, 2018. In sub-section (1), clause (b), sub-clause (2), item (i), and in sub-section (2), clause (b), the reference date '1st day of April, 1981' was replaced with '1st day of April, 2001.' This change affects the determination of the cost of acquisition for certain assets for tax purposes.
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