Amendment of section 43
Section 16 of the Finance Act, 2017 deals with amendment of section 43. Amendment of section 43. 16. In section 43 of the Income-tax Act, in clause (1), with effect from the 1st day of April, 2018,— (a) | after the proviso and before Explanation 1, the following proviso shall be inserted, namely:— "Provided further that where the assessee incurs any expenditure for acqu The Act was enacted on 17 Apr 2017.
Amendment of section 43.
16. In section 43 of the Income-tax Act, in clause (1), with effect from the 1st day of April, 2018,—
Section 16, The Finance Act, 2017.
(a) after the proviso and before Explanation 1, the following proviso shall be inserted, namely:— "Provided further that where the assessee incurs any expenditure for acquisition of any asset or part thereof in respect of which a payment or aggregate of payments made to a person in a day, otherwise than by an account payee cheque drawn on a bank or an account payee bank draft or use of electronic clearing system through a bank account, exceeds ten thousand rupees, such expenditure shall be ignored for the purposes of determination of actual cost."; (b) in Explanation 13, the following proviso shall be inserted, namely:— "Provided that where any capital asset in respect of which deduction or part of deduction allowed under section 35AD is deemed to be the income of the assessee in accordance with the provisions of sub-section (7B) of the said section, the actual cost of the asset to the assessee shall be the actual cost to the assessee, as reduced by an amount equal to the amount of depreciation calculated at the rate in force that would have been allowable had the asset been used for the purposes of business since the date of its acquisition.".
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Questions about Section 16
What does Section 16 of the Finance Act deal with?
Section 16 of the Finance Act is headed "Amendment of section 43". Amendment of section 43. 16. In section 43 of the Income-tax Act, in clause (1), with effect from the 1st day of April, 2018,— (a) | after the proviso and before Explanation 1, the following proviso shall be inserted, namely:— "Provided further that where the assessee incurs any expenditure for acqu
How do I find court cases under Section 16 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 2017 16, section 16 Finance Act 2017, section 16 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 16 of the Finance Act, and has it changed?
Its own text turns on section 43 (Insertion of new section 94B), 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 Section 16 of the Finance Act enacted?
Section 16 of the Finance Act, cited as Finance Act 2017 16, was enacted on 17 Apr 2017. It is in force as at the date shown on this page.
Other sections of this Act
- First Schedule. Income-tax8321 words
- 2. Income-tax4071 words
- 148. Amendment of Chapter VIB1616 words
- 47. Amendment of section 115JB1176 words
- 6. Amendment of section 10856 words
- Sixth Schedule. Sixth Schedule820 words
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