{"act":{"id":"finance-act-2021","short_title":"The Finance Act, 2021","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2021-2022.","act_number":null,"act_year":2021,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":180,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2021/"},"unit":"section","section":{"number":"10","heading":"Amendment of section 43","text":"Amendment of section 43. 10.  In section 43 of the Income-tax Act, in clause (6), in sub- clause (c), in item (ii), for the words, brackets and figure \"as further adjusted by the increase or the reduction referred to in item (i)\", the following words, brackets, figures and letters shall be substituted, namely:— \"as further adjusted by,— (A) | the increase or the reduction referred to in item (i), not being increase on account of acquisition of goodwill of a business or profession; (B) | the reduction by an amount which is equal to the actual cost of the goodwill falling within that block as decreased by— (a) | the amount of depreciation actually allowed to the assessee under this Act or under the corresponding provisions of the Indian Income-tax Act, 1922 (11 of 1922) for such goodwill in respect of any previous year relevant to the assessment year commencing before the 1st day of April, 1988; and (b) | the amount of depreciation that would have been allowable to the assessee for such goodwill for any assessment year commencing on or after the 1st day of April, 1988 as if the goodwill was the only asset in the relevant block of assets, in respect of the previous year relevant to the assessment year commencing on the 1st day of April, 2021, in a case where the goodwill of a business or profession was part of the block of assets on which depreciation was obtained by the assessee for the immediate preceding previous year, so, however, that the amount of such reduction does not exceed the written down value.\".","html":"<p><b>Amendment of section 43.</b></p><p><b>10. </b> In section 43 of the Income-tax Act, in clause (<i>6</i>), in sub- clause (<i>c</i>), in item (<i>ii</i>), for the words, brackets and figure \"as further adjusted by the increase or the reduction referred to in item (<i>i</i>)\", the following words, brackets, figures and letters shall be substituted, namely:—</p><p>\"as further adjusted by,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>A</i>)</td><td></td><td>the increase or the reduction referred to in item (<i>i</i>), not being increase on account of acquisition of goodwill of a business or profession;</td></tr><tr><td>(<i>B</i>)</td><td></td><td>the reduction by an amount which is equal to the actual cost of the goodwill falling within that block as decreased by—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>the amount of depreciation actually allowed to the assessee under this Act or under the corresponding provisions of the Indian Income-tax Act, 1922 (11 of 1922) for such goodwill in respect of any previous year relevant to the assessment year commencing before the 1st day of April, 1988; and</td></tr><tr><td>(<i>b</i>)</td><td></td><td>the amount of depreciation that would have been allowable to the assessee for such goodwill for any assessment year commencing on or after the 1st day of April, 1988 as if the goodwill was the only asset in the relevant block of assets,</td></tr></table></div><p>in respect of the previous year relevant to the assessment year commencing on the 1st day of April, 2021, in a case where the goodwill of a business or profession was part of the block of assets on which depreciation was obtained by the assessee for the immediate preceding previous year, so, however, that the amount of such reduction does not exceed the written down value.\".</p>","words":269,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2021/section/10/","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."}