Insertion of new section 43AA
Section 13 of the Finance Act, 2018 deals with insertion of new section 43AA. Insertion of new section 43AA. 13. After section 43A of the Income-tax Act, the following section shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2017, namely:— "43AA.
Insertion of new section 43AA.
13. After section 43A of the Income-tax Act, the following section shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2017, namely:—
"43AA. Taxation of foreign exchange fluctuation.—(1) Subject to the provisions of section 43A, any gain or loss arising on account of any change in foreign exchange rates shall be treated as income or loss, as the case may be, and such gain or loss shall be computed in accordance with the income computation and disclosure standards notified under sub-section (2) of section 145.
(2) For the purposes of sub-section (1), gain or loss arising on account of the effects of change in foreign exchange rates shall be in respect of all foreign currency transactions, including those relating to—
Section 13, The Finance Act, 2018 (Act 13 of 2018).
(i) monetary items and non-monetary items; (ii) translation of financial statements of foreign operations; (iii) forward exchange contracts; (iv) foreign currency translation reserves.".
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
This section refers to
Referred to by 1
Questions about Section 13
What does Section 13 of the Finance Act deal with?
Section 13 of the Finance Act is headed "Insertion of new section 43AA". Insertion of new section 43AA. 13. After section 43A of the Income-tax Act, the following section shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2017, namely:— "43AA.
How do I find court cases under Section 13 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 13, section 13 Finance Act 2018, section 13 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 13 of the Finance Act, and has it changed?
Its own text turns on section 145 (Amendment of section 8AC), Income-tax Act 43A (Special provisions consequential to changes in rate of exchange of currency), so none of them can safely be read on its own. 1 other provision in this corpus refers 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.