Amendment of section 50B
Section 21 of the Finance Act, 2021 deals with amendment of section 50B. Amendment of section 50B. 21. In section 50B of the Income-tax Act,— (a) | for sub-section (2), the following sub-section shall be substituted, namely:— '(2) In relation to capital assets being an undertaking or division transferred by way of such slump sale,— (i) | the "net worth" of the undertakin
Amendment of section 50B.
21. In section 50B of the Income-tax Act,—
(a) for sub-section (2), the following sub-section shall be substituted, namely:— '(2) In relation to capital assets being an undertaking or division transferred by way of such slump sale,—
(i) the "net worth" of the undertaking or the division, as the case may be, shall be deemed to be the cost of acquisition and the cost of improvement for the purposes of sections 48 and 49 and no regard shall be given to the provisions contained in the second proviso to section 48; (ii) fair market value of the capital assets as on the date of transfer, calculated in the prescribed manner, shall be deemed to be the full value of the consideration received or accruing as a result of the transfer of such capital asset.';
(b) in Explanation 2, after clause (a), the following clause shall be inserted, namely:— Section 21, The Finance Act, 2021.
"(aa) in the case of capital asset being goodwill of a business or profession, which has not been acquired by the assessee by purchase from a previous owner, nil;".
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Questions about Section 21
What does Section 21 of the Finance Act deal with?
Section 21 of the Finance Act is headed "Amendment of section 50B". Amendment of section 50B. 21. In section 50B of the Income-tax Act,— (a) | for sub-section (2), the following sub-section shall be substituted, namely:— '(2) In relation to capital assets being an undertaking or division transferred by way of such slump sale,— (i) | the "net worth" of the undertakin
How do I find court cases under Section 21 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 2021 21, section 21 Finance Act 2021, section 21 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 21 of the Finance Act, and has it changed?
Its own text turns on section 48 (Amendment of section 153B), section 49 (Amendment of section 153C), 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.
When was the Finance Act enacted?
Finance Act was enacted in 2021. 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
- Fourth Schedule. Fourth Schedule26628 words
- First Schedule. First Schedule9574 words
- 2. Income-tax5993 words
- 6. Amendment of section 103582 words
- 130. Substitution of new section for section 43513 words
- 131. Substitution of new section for section 52699 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.