Section 31 - Amendment of section 55. - Finance Act, 2023

Amendment of section 55. 31. In section 55 of the Income-tax Act, with effect from the 1st day of April, 2024, (a) in sub-section (1), in clause (b), in sub-clause (1), (i) after the word goodwill , the words or any other intangible asset shall be inserted; (ii) after the word profession , the words or any other right shall be inserted; (b) in sub-section (2), in clause (a), (i) for the words profession, or a right , the words profession, or any other intangible asset or a right shall be substituted; (ii) for the word hours, , the words hours, or any other right shall be substituted.