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of <h1>Finance Act 2021 amends Section 43 to exclude business goodwill from adjustments; modifies depreciation calculation for acquired goodwill.</h1> Section 43 of the Income-tax Act has been amended by the Finance Act, 2021. The amendment modifies clause (6), sub-clause (c), item (ii) to exclude increases due to the acquisition of business or professional goodwill from adjustments. It introduces a reduction equal to the actual cost of goodwill, decreased by depreciation allowed under the Income-tax Act or its predecessor for years before April 1, 1988, and depreciation allowable from April 1, 1988, onwards. This applies to cases where goodwill was part of a depreciated asset block in the previous year, ensuring the reduction does not exceed the written down value.
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