Amendment of section 43
Section 12 of the Finance Act, 2018 deals with amendment of section 43. 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
Amendment of section 43.
12. In section 43 of the Income-tax Act, with effect from the 1st day of April, 2019,—
Section 12, The Finance Act, 2018 (Act 13 of 2018).
(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.".
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, 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
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 2018 12, section 12 Finance Act 2018, 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 28 (Amendment of section 80-IAC), section 43 (Amendment of section 115T), 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. 2 other provisions in this corpus refer back to it.
When was the Finance Act enacted?
Finance Act was enacted in 2018 as Act 13 of 2018. 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. INCOME-TAX8472 words
- 2. Income-tax4233 words
- 206. Amendment of Act 54 of 20001580 words
- Second Schedule. Second Schedule1062 words
- 33. Insertion of new section 112A756 words
- 63. Amendment of section 28707 words
Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. 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. This page is not a substitute for legal advice.