Amendment of section 32.

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..... b), after the words "or commercial rights of similar nature", the words ", not being goodwill of a business or profession" shall be inserted. - Clause 7 of the Bill seeks to amend section 32 of the Income-tax Act relating to depreciation. Sub-section (1) of the said section provides for deduction on account of depreciation on tangible assets (building, machinery, plant and furniture) and intan .....

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..... e assets, being know-how, patents, copyrights, trademarks, licences, franchises or any other business or commercial rights of similar nature. It is proposed to amend the said Explanation 3 so as to provide that goodwill of a business or profession shall not be considered as an asset for that purposes of the said subsection. These amendments will take effect from 1st April, 2021 and will, accordi .....

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