Piercing through section 56(2) of the Act dealing with exclusion of income

The provisions of section 56(2)(v) of the Income-tax Act ( the Act) were inserted by the Finance (No.2) Act,2004 with effect from 1st April,2005. The purpose for which the provisions of section 56(2)(v) of the Act were inserted and section 2(24) of the Act dealing with definition of “income” were amended, were explained by the Memorandum explaining the provisions in the Finance (No.2) Bill,2004 under the heading “ Modification of the definition of income to include receipts in cash or credit othThe provisions of section 56(2)(v) of the Income-tax Act ( the Act) were inserted by the Finance (No.2) Act,2004 with effect from 1st April,2005. The purpose for which the provisions of section 56(2)(v) of the Act were inserted and section 2(24) of the Act dealing with definition of “income” were amended, were explained by the Memorandum explaining the provisions in the Finance (No.2) Bill,2004 under the heading “ Modification of the definition of income to include receipts in cash or credit othtaxmann.com Latest ArticlesRead More

Leave a Reply