Clause 15 - Amendment of section 50 - Finance Bill, 2022

Amendment of section 50. 15. In section 50 of the Income-tax Act, after the proviso, the following Explanation shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2021, namely: Explanation. For the purposes of this section, reduction of the amount of goodwill of a business or profession, from the block of asset in accordance with subitem (B) of item (ii) of sub-clause (c) of clause (6) of section 43 shall be deemed to be transfer. .