{"act":{"id":"finance-act-2018","short_title":"The Finance Act, 2018","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2018-2019.","act_number":"13","act_year":2018,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":227,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2018/"},"unit":"section","section":{"number":"12","heading":"Amendment of section 43","text":"Amendment of section 43. 12. In section 43 of the Income-tax Act, with effect from the 1st day of April, 2019,— (i) | in clause (1), after Explanation 1, the following Explanation shall be inserted, namely:— \"Explanation 1A.—Where a capital asset referred to in clause (via) of section 28 is used for the purposes of business or profession, the actual cost of such asset to the assessee shall be the fair market value which has been taken into account for the purposes of the said clause.\"; (ii) | in clause (5), after the proviso and before Explanation 1, the following proviso shall be inserted, namely:— \"Provided further that for the purposes of clause (e) of the first proviso, in respect of trading in agricultural commodity derivatives, the requirement of chargeability of commodity transaction tax under Chapter VII of the Finance Act, 2013 (17 of 2013) shall not apply.\".","html":"<p><b>Amendment of section 43.</b></p><p><b>12.</b> In section 43 of the Income-tax Act, with effect from the 1st day of April, 2019,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>in clause (<i>1</i>), after <i>Explanation 1</i>, the following <i>Explanation</i> shall be inserted, namely:—</td></tr><tr><td></td><td></td><td>\"<i>Explanation 1A.—</i>Where a capital asset referred to in clause (<i>via</i>) of section 28 is used for the purposes of business or profession, the actual cost of such asset to the assessee shall be the fair market value which has been taken into account for the purposes of the said clause.\";</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>in clause (<i>5</i>), after the proviso and before <i>Explanation 1</i>, the following proviso shall be inserted, namely:—</td></tr><tr><td></td><td></td><td>\"<b>Provided further</b> that for the purposes of clause (<i>e</i>) of the first proviso, in respect of trading in agricultural commodity derivatives, the requirement of chargeability of commodity transaction tax under Chapter VII of the Finance Act, 2013 (17 of 2013) shall not apply.\".</td></tr></table></div>","words":148,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2018/section/12/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}