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of <h1>Finance Bill 2023 Amends Income-tax Act Section 55 to Include Intangible Assets in Cost Definitions Effective 2024</h1> Clause 31 of the Finance Bill, 2023, amends section 55 of the Income-tax Act, effective April 1, 2024. The amendment expands definitions related to 'cost of improvement' and 'cost of acquisition' to include 'intangible assets' and 'any other right' in addition to goodwill and profession. This change addresses assets for which no acquisition consideration is paid but may generate income or profit upon transfer. The amendment clarifies that the cost of acquisition for such intangible assets or rights is not explicitly defined as 'nil' under current provisions, impacting assessments from the 2024-2025 year onward.
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