Amendment of section 55.

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..... business , the words or profession shall be inserted. - Clause 33 of the Bill seeks to amend section 55 of the Incometax relating to meaning of adjusted , cost of improvement and cost of acquisition . Sub-clause (1) of clause (b) of sub-section (1) of the aforesaid section provides that the cost of improvement in relation to a capital asset, being goodwill of a business or a right to manufacture, .....

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..... carry on the profession also under its scope. These amendments will take effect from 1st April, 2017 and will, accordingly, apply in relation to the assessment year 2017- 2018 and subsequent years. - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMI .....

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