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of <h1>Finance Bill 2018 Amends Income-tax Act: New Rules on Amalgamation Profits, Inventory Valuation, and Capital Asset Holding Periods</h1> Clause 3 of the Finance Bill, 2018 proposes amendments to section 2 of the Income-tax Act. It introduces Explanation 2A to clause (22), stating that an amalgamated company's accumulated profits or losses will include those of the amalgamating company as of the amalgamation date. Amendments to clause (24) include fair market value of inventory and certain compensations as income. Clause (42A) is amended to specify that for capital assets converted from inventory, the holding period starts from the conversion date. These changes are effective from April 1, 2018, and April 1, 2019, respectively, impacting relevant assessment years.
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