Amendment of section 50B
Section 24 of the Finance Act, 2000 deals with amendment of section 50B. Amendment of section 50B. 24. In section 50B of the Income-tax Act, for the Explanation, the following Explanations shall be substituted, namely:— ‘Explanation 1.—For the purposes of this section, "net worth" shall be the aggregate value of total assets of the undertaking or division as reduced by t
Amendment of section 50B.
24. In section 50B of the Income-tax Act, for the Explanation, the following Explanations shall be substituted, namely:—
‘Explanation 1.—For the purposes of this section, "net worth" shall be the aggregate value of total assets of the undertaking or division as reduced by the value of liabilities of such undertaking or division as appearing in its books of account:
Provided that any change in the value of assets on account of revaluation of assets shall be ignored for the purposes of computing the net worth.
Explanation 2.—For computing the net worth, the aggregate value of total assets shall be,—
(a) in the case of depreciable assets, the written down value of the block of assets determined in accordance with the provisions contained in sub-item (C) of item (i) of sub-clause ( c) of clause (6) of section 43; and
(b) in the case of other assets, the book value of such assets.’.
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Section 24, The Finance Act, 2000.
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Questions about Section 24
What does Section 24 of the Finance Act deal with?
Section 24 of the Finance Act is headed "Amendment of section 50B". Amendment of section 50B. 24. In section 50B of the Income-tax Act, for the Explanation, the following Explanations shall be substituted, namely:— ‘Explanation 1.—For the purposes of this section, "net worth" shall be the aggregate value of total assets of the undertaking or division as reduced by t
How do I find court cases under Section 24 of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2000 24, section 24 Finance Act 2000, section 24 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 24 of the Finance Act, and has it changed?
Its own text turns on section 43 (Amendment of section 80RR), Income-tax Act 50B (Special provision for computation of capital gains in case of slump sale), so none of them can safely be read on its own. 2 other provisions in this corpus refer back to it.
When was the Finance Act enacted?
Finance Act was enacted in 2000. India Code records no commencement date for it. It is in force as at the date shown on this page.
Other sections of this Act
- First Schedule. First Schedule5680 words
- 2. Income-tax2342 words
- 6. Substitution of new section for section 10A1803 words
- 7. Substitution of new section for section 10B1573 words
- 52. Insertion of new section 115JB1090 words
- 5. Amendment of section 10957 words
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