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of <h1>Finance Bill 2023: Key Amendments to Income-Tax Act, New Definitions and Clauses for 2024-2025 Assessment Year</h1> The Finance Bill, 2023 proposes amendments to section 2 of the Income-tax Act. It omits 'Additional Commissioner of Income-tax (Appeals)' from clause (19B) and introduces new sub-clauses (xviic) and (xviid) in clause (24) to include specific sums as income, effective April 1, 2024. A new clause (28CA) defines 'Joint Commissioner (Appeals).' In clause (42A), a new sub-clause (hi) is added to include the holding period of Electronic Gold Receipts and gold for capital gains calculation, effective April 1, 2024. These changes apply to the 2024-2025 assessment year and beyond.
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