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of <h1>Finance Act 2024 amends Income-tax Act: New sub-clause added, holding period reduced for certain assets.</h1> Section 2 of the Income-tax Act has been amended by the Finance (No. 2) Act, 2024. In clause (22), a new sub-clause (f) is added to include payments by a company for purchasing its own shares from shareholders under section 68 of the Companies Act, 2013. Clause (iv) is omitted. In clause (42A), the holding period for certain assets is reduced from thirty-six to twenty-four months, with related adjustments in the provisos. The changes take effect from July 23, 2024, and October 1, 2024, respectively.
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