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of <h1>Amendment to Section 43 of Income-tax Act: Electronic Payments Count Towards Asset Cost for Tax Purposes from April 2020.</h1> Clause 12 of the Finance (No. 2) Bill, 2019 proposes an amendment to section 43 of the Income-tax Act, specifically in the second proviso of clause (1). The amendment allows for payments made via prescribed electronic modes, in addition to bank accounts, to be considered when determining the 'actual cost' of assets for tax purposes. This change applies to expenditures exceeding ten thousand rupees made in a day for asset acquisition. The amendment takes effect from April 1, 2020, impacting the assessment year 2020-2021 and subsequent years.
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