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of <h1>Amendments to Income-tax Act: Accumulated Profits for Amalgamated Companies, New Sub-clauses in Sections 28 and 56(2)(xi)</h1> Section 2 of the Income-tax Act has been amended as follows: For amalgamated companies, accumulated profits or losses will include those of the amalgamating company on the amalgamation date. Effective April 1, 2019, clause (24) introduces sub-clause (xiia) for fair market value of inventory under section 28 and sub-clause (xviib) for compensation or payments under section 56(2)(xi). Clause (42A) adds sub-clause (ba) to reckon the period from conversion for certain capital assets and modifies references in Explanation 4 from section 10(38) to section 112A.
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