Amendment of section 48.

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..... l, 1981 , the figures, letters and words 1st day of April, 2001 shall be substituted. - Clause 24 of the Bill seeks to amend section 48 of the Income-tax Act relating to mode of computation. The fifth proviso to the said section provides that in case of an assessee being a non-resident, any gains arising on account of appreciation of rupee against a foreign currency at the time of redemption of ru .....

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..... d of an Indian company held by him, shall be ignored for the purposes of computation of full value of consideration. It is also proposed to make consequential amendments to the said section so as to replace the reference of 1st day of April, 1981 with the 1st day of April, 2001. These amendments will take effect from 1st April, 2018 and will, accordingly, apply to the assessment year 2018- 2019 an .....

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