Amendment of section 28

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..... modification of the terms and conditions, of any contract relating to his business; ; (II) after clause (vi), the following clause shall be inserted, namely: (via) the fair market value of inventory as on the date on which it is converted into, or treated as, a capital asset determined in the prescribed manner; . - Clause 9 of the Bill seeks to amend section 28 of the Income-tax Act relating to pr .....

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..... scribed manner of the inventory as on the date of its conversion or treatment as capital assets shall be chargeable to tax under the head Profit and gains of business and profession . These amendments will take effect from 1st April, 2019 and will, accordingly, apply in relation to the assessment year 2019-2020 and subsequent years. - statute, statutory provisions legislation, law, enactment, Ac .....

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