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of <h1>Finance Bill 2017 amends Section 43: Limits cash payments for asset acquisition to Rs. 10,000 to enhance transparency.</h1> The Finance Bill, 2017 proposes an amendment to section 43 of the Income-tax Act, affecting the definition of 'actual cost' for depreciation claims under section 32. The amendment introduces a proviso that disregards any expenditure exceeding ten thousand rupees in a day for asset acquisition if the payment is not made via an account payee cheque, bank draft, or electronic clearing system. This change, effective from April 1, 2018, applies to the assessment year 2018-2019 onward, aiming to curb cash transactions and promote transparency in financial dealings.
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