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of <h1>Finance Act 2018 amends Income-tax Act Section 43: New rules for capital assets and agricultural commodity derivatives.</h1> Section 43 of the Income-tax Act was amended by the Finance Act, 2018, effective from April 1, 2019. A new Explanation 1A was added to clause (1), stating that for capital assets used in business or profession, the asset's actual cost to the assessee is its fair market value as considered under section 28 clause (via). Additionally, a new proviso was inserted in clause (5), exempting trading in agricultural commodity derivatives from the requirement of chargeability of commodity transaction tax under Chapter VII of the Finance Act, 2013.
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