Amendment of section 50

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..... t of goodwill of a business or profession, from the block of asset in accordance with subitem (B) of item (ii) of sub-clause (c) of clause (6) of section 43 shall be deemed to be transfer. . - Clause 15 seeks to amend section 50 of the Income-tax Act relating to special provision for computation of capital gains in case of depreciable assets. The said section provides for certain modification in t .....

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..... on of the amount of goodwill of a business or profession, from the block of asset in accordance with sub-item (B) of item (ii) of sub-clause (c) of clause (6) of section 43 shall be deemed to be transfer. This amendment will take effect retrospectively from 1st April, 2021 and will, accordingly, apply in relation to the assessment year 2021-2022 and subsequent assessment years. - statute, statut .....

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