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of <h1>Amendment to Section 2 of Income-tax Act: New Proviso on Demerger Valuation Effective April 2020 per Indian Accounting Standards.</h1> Clause 3 of the Finance (No. 2) Bill, 2019 amends section 2 of the Income-tax Act, specifically clause (19AA), which defines 'demerger' for tax purposes. The amendment introduces a proviso effective from April 1, 2020, stating that the requirement to record property and liabilities at book value during a demerger will not apply if the resulting company records them at a different value, as per Indian Accounting Standards specified in the Companies (Indian Accounting Standards) Rules, 2015. This change applies from the assessment year 2020-2021 onwards.
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