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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Amendment to Section 50: New Method for Calculating Capital Gains on Goodwill in Asset Blocks from April 2021.</h1> Clause 18 of the Finance Bill, 2021, proposes an amendment to section 50 of the Income-tax Act concerning the computation of capital gains on depreciable assets. It introduces a proviso for cases where goodwill is part of a block of assets for the assessment year starting April 1, 2020, and depreciation has been claimed. The amendment prescribes a method for determining the written down value of the asset block and any short-term capital gain. This change is effective from April 1, 2021, applicable to the assessment year 2021-2022 and future years.
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