TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Acts & Rules
of of All Acts & Rules
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Amendment to Income-tax Act's Section 43 introduces Explanation 6, adjusting asset cost and depreciation from April 1, 2003.</h1> In the Finance Bill, 2008, an amendment to Section 43 of the Income-tax Act introduces Explanation 6 to clause (6), effective from April 1, 2003. This amendment addresses scenarios where an assessee was not required to compute total income for prior years. It stipulates that the actual cost of an asset should be adjusted for any revaluation in the books. The total depreciation recorded in prior years is deemed as allowed under the Act, and this depreciation is further adjusted for revaluation effects.
TaxTMI 
TaxTMI 
