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Clause - 016 - Amendment of section 43.
Clause 16 of the Bill seeks to amend section 43 of the Income-tax Act relating to definitions of certain terms relevant to income from profits and gains of business or profession.
It is proposed to insert a proviso in Explanation 13 of clause (1) of the said section so as to provide that where any capital asset in respect of which deduction or part of deduction allowed under section 35AD is deemed to be the income of the assessee in accordance with the provisions of sub-section (7B) of the said section, the actual cost of the asset to the assessee shall be the actual cost to the assessee, as reduced by an amount equal to the amount of depreciation calculated at the rate in force that would have been allowable had the asset been used for the purposes of business since the date of its acquisition.
This amendment will take effect from 1st April, 2018 and will, accordingly, apply in relation to the assessment year 2018-2019 and subsequent years.
Actual cost adjustment for assets subject to investment-linked deduction reduces cost by allowable depreciation, altering basis for deemed income. The proviso to Explanation 13 provides that where a capital asset in respect of which deduction or part of deduction was allowed under section 35AD is deemed to be the assessee's income under sub section (7B), the asset's actual cost shall be the actual cost reduced by an amount equal to depreciation calculated at the rate in force that would have been allowable had the asset been used for business since acquisition.
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