TaxTMI Login
Just a moment...
By creating an account you can:
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 TMI Notes
of of All TMI Notes
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Amendment to Section 55: Cost of Acquisition for Intangible Assets to be Deemed Nil from April 2024.</h1> The Union Budget 2023-24 and Finance Bill, 2023 propose amendments to section 55 of the Act concerning the definition of 'cost of acquisition' and 'cost of improvement' for certain assets, including intangible assets or rights acquired without consideration. Currently, the Act does not clearly define these costs as 'nil,' leading to legal disputes. The proposed amendment aims to clarify that the cost of acquisition or improvement for such assets shall be deemed 'nil.' This change will be effective from April 1, 2024, and applicable from the assessment year 2024-25 onwards.
TaxTMI 
