Amendment of section 43
Section 12 of the Finance Act, 2008 deals with amendment of section 43. Amendment of section 43. 12. In section 43 of the Income-tax Act, in clause (6), after Explanation 5, the following Explanation shall be inserted and shall be deemed to have been inserted, with effect from the 1st day of April, 2003, namely:— "Explanation 6.—Where an assessee was not required to com
Amendment of section 43.
12. In section 43 of the Income-tax Act, in clause (6), after Explanation 5, the following Explanation shall be inserted and shall be deemed to have been inserted, with effect from the 1st day of April, 2003, namely:—
"Explanation 6.—Where an assessee was not required to compute his total income for the purposes of this Act for any previous year or years preceding the previous year relevant to the assessment year under consideration,—
(a ) the actual cost of an asset shall be adjusted by the amount attributable to the revaluation of such asset, if any, in the books of account;
(b ) the total amount of depreciation on such asset, provided in the books of account of the assessee in respect of such previous year or years preceding the previous year relevant to the assessment year under consideration shall be deemed to be the depreciation actually allowed under this Act for the purposes of this clause; and
(c ) the depreciation actually allowed under clause (b ) shall be adjusted by the amount of depreciation attributable to such revaluation of the asset.".
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Section 12, The Finance Act, 2008.
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Questions about Section 12
What does Section 12 of the Finance Act deal with?
Section 12 of the Finance Act is headed "Amendment of section 43". Amendment of section 43. 12. In section 43 of the Income-tax Act, in clause (6), after Explanation 5, the following Explanation shall be inserted and shall be deemed to have been inserted, with effect from the 1st day of April, 2003, namely:— "Explanation 6.—Where an assessee was not required to com
How do I find court cases under Section 12 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 2008 12, section 12 Finance Act 2008, section 12 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 12 of the Finance Act, and has it changed?
Its own text turns on section 43 (Amendment of section 194C), Income-tax Act 43 (Definitions of certain terms relevant to income from profits and gains of business or profession), so none of them can safely be read on its own.
When was the Finance Act enacted?
Finance Act was enacted in 2008. India Code records no commencement date for it. It is in force as at the date shown on this page.
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- 17. Substitution of new section for section 80D448 words
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