TaxTMI 
TaxTMI 
TaxTMI 
Is there any new amendment in section 56 of income tax
amendment in section 56
shweta Jain
No Amendments to Section 56 of Income Tax Act; New Clause (ix) Effective April 1, 2015, Covers Forfeited Advances A query was raised regarding any new amendments to Section 56 of the Income Tax Act. The response clarified that there have been no amendments to Section 56 following the Finance (No. 2) Act, 2014. However, it was noted that a new clause (ix) would be effective from April 1, 2015. This clause addresses sums of money received as advances during negotiations for the transfer of a capital asset, which are forfeited if the negotiations do not result in a transfer. (AI Summary)