Amendment of section 2.

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... be inserted with effect from the 1st day of April, 2024, namely: (xviic) any sum referred to in clause (xii) of sub-section (2) of section 56; ; (xviid) any sum referred to in clause (xiii) of sub-section (2) of section 56; ; (c) after clause (28C), the following clause shall be inserted, namely: (28CA) Joint Commissioner (Appeals) means a person appointed to be a Joint Commissioner of Incometax ( .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... d. . - Clause 3 of the Bill seeks to amend section 2 of the Income-tax Act relating to definitions. It is proposed to amend clause (19B) of the said section to omit Additional Commissioner of Income-tax (Appeals) from the definition. This amendment will take effect from 1st April, 2023. Clause (24) of the said section provides definition of income for the purposes of the Act. It is further propose .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... er subsection (1) of section 117. This amendment will take effect from 1st April, 2023. Clause (42A) of the said section defines short-term capital asset and the Explanation 1 of the said clause provides for determining the period for which any capital asset is held by the assessee. It is proposed to insert a new sub-clause (hi) in clause (i) to the Explanation 1 of the said clause so as to provid .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X