Capital expenditure - Change in the Definition of Actual Cost u/s 43(1) - Disallowance of depreciation where payment is made in excess of ₹ 10,000 in a day - Budget 2017-18 w.e.f. AY 2018-19

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..... Bill seeks to amend section 43 of the Income-tax Act relating to definitions of certain terms relevant to income from profits and gains of business or profession. Clause (1) of the said section provides for the definition of actual cost for the purposes of claiming depreciation under section 32 of the Act . It is proposed to insert a proviso before Explanation 1 of clause (1) of .....

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