Section 6 of Finance Act 2018 : Amendment of section 11 of Income Tax

By | April 1, 2018
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(Last Updated On: April 14, 2018)

Section 6 of Finance Act 2018

[Section 6 of Finance Act 2018 deals with Amendment of section 11. and is covered in CHAPTER III DIRECT TAXES]

Amendment of section 11.

6. In section 11 of the Income-tax Act, in sub-section (1), after Explanation 2 [as inserted by section 11 of the Finance Act, 2017 (7 of 2017)], the following Explanation shall be inserted with effect from the 1st day of April, 2019, namely:—

Explanation 3.—For the purposes of determining the amount of application under clause (a) or clause (b), the provisions of sub-clause (ia) of clause (a) of section 40 and sub-sections (3) and (3A) of section 40A, shall, mutatis mutandis, apply as they apply in computing the income chargeable under the head “Profits and gains of business or profession”.’.

Finance Act 2018 : Assented by President : Download Print Notification

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