Regarding section 54EE

There are recent amendments in FA 2017 which are applicable from 01.04.2019. So that means the Income tax Act would be there for now.

If you are talking about Direct Tax Code (DTC), so let me tell you there is no such possibility in near future as they are still very much confused with the GST and it's proper implementation. They can't anymore for now.

And please I request you to put some effort in asking questions. Because sometimes it is not even clear what are you asking about and we ha e to guess and answer.

Thanks.

] "long-term specified asset" means a unit or units, issued before the 1st day of April, 2019, of such fund as may be notified by the Central Government in this behalf
actually my question was regarding this part that no new units can be specified from 1.4.19 so will this section not be inforce

See, you have to understand what is the concept of this section. Basically this section introduced through FA 2016 was to boost up the START UP INDIA initiative and consequently boost up the start ups.

When you will try to find what is a START UP then you could find it's definition under 54GB/80-IAC etc sections which clearly tells:

Any company which is;
1. Incorporated between 1-4-2016 but before 1-4-2019 +
2. Turnover does not 25cr.
3. Holds a certificate (From MSME) of being an Start up.

These all sections be it 54EE, 54GB (Amended part), 80-IAC etc is just to boost up start up India initiative taken by MODI GOVT.

Now the elections are going to held in 2019 so it is therefore planned in such a way that it exclusively shows the performance and work of the current govt toward this particular initiative.

And that's why it is going to sunset on 01-04-2019.

A bit long answer but need to explain to clarify the concept. Thanks.

Thanks @ Nitesh Bind Sir, What a nice explanation. You are great. Thank you. 

Thanks Rajat. And Be Helpful to One Another! 🙂

thank you @ nitesh sir all doubts sorted from this explanation

You are most welcome @ Baddy .

@ Nitesh sir I never thought anything this way like you. Maybe that's why bit confused about sections. Thank you.

See @ Vishesh every kind of Law is for common people, so somehow connected to the common people's lives. If you read anything not as per your syllabus but as you are actually living it then you will always remember things very effortlessly and also would be able to connect with the INTENT of law and consequently a better understanding. Hope you will try it from now on! 🙂

Amazing concept clarity. Thank you so much sir @ Nitesh Bind

Thanks Amit. N Be Helpful to One Another!

Your explanations are Amazing dear nitesh. and why I follow you.. 🙂

Very useful thread. Thanks.

Thank you so much. I appreciate your comments.