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Amendment to Section 2(24) w.e.f. Assessment Year 2019-2020 under Income Tax Act.

The following amendments have been made to the definition of income under section 2(24) with effect from the assessment year 20 19-20 —

•        Conversion of stock-in-trade into capital asset - A new sub-clause (xiia) has been inserted in section 2(24). It is applicable in the case of conversion of stock-in-trade into capital asset. By virtue of this amendment, fair market value of such inventory will be included in income.

•        Compensation on termination of employment or modification of terms of employment - A new sub-clause (xviib) has been inserted in section 2(24) so as to include any compensation or other payment referred to in section 56(2)(x) [i.e., compensation on termination of employment or modification of terms of employment] also within the definition of income.

Amendment at a Glance for A.Y. 2019-20
Amendment to [Sec.-2(24)] Amendment to [Sec.-2(42A)] Amendment to [Sec.-9]
Amendment to [Sec.-16 & 17] Amendment to [Sec.-28] Amendment to [Sec.-36 & 40A]
Amendment to [Sec.-43] Amendment to [Sec.-43CA] Amendment to [Sec.-44AE]
Amendment to [Sec.-49] Amendment to [Sec.-56(2)(x)] Amendment to [Sec.-79]
Amendment to [Sec.-80AC] Amendment to [Sec.-80D] Amendment to [Sec.-80DDB]
Amendment to [Sec.-80IAC] Amendment to [Sec.-80JJAA] Amendment to [Sec.-80PA]
Amendment to [Sec.-80TTA] Amendment to [Sec.-80TTB] Amendment to [Sec.-115AD]
Amendment to [Sec.-115BA] Amendment to [Sec.-115BBE] Amendment to [Sec.-115JB]
Amendment to [Sec.-115O & 115Q] Amendment to [Sec.-115R & 115T] Amendment to [Sec.-139A]
Amendment to [Sec.-140] Amendment to [Sec.-143] Amendment to [Sec.-145A & 145B]
Amendment to [Sec.-193] Amendment to [Sec.-194A] Amendment to [Sec.-145O & 245Q]
Amendment to [Sec.-271FA] Amendment to [Sec.-276CC] Amendment to [Sec.-286]
 
 
 
 
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Tax Computation with Assessment of Salaried Person, HUF, Individuals
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TDS, TCS, Advance Tax & Refunds
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Guide & Taxation with Amendments made by the Finance Act. 2018 and the Rules as amended till Date.


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