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of <h1>Amendment to Section 10: New Tax Deductions for Buildings, Adjusted Depreciation for Ships, Limits on Entertainment Expenses.</h1> The amendment to Section 10 of the Income-tax Act under the Finance Act, 1961, introduces changes to tax provisions related to buildings, ships, machinery, and plant. It specifies a 20% deduction for newly erected buildings used for employee welfare and adjusts depreciation rates for ships and machinery based on acquisition and installation dates. It also outlines conditions for development rebates in cases of company amalgamations and firm-to-company successions. Additionally, it sets limits on entertainment expenditure deductions for companies and allows financial corporations to create special reserves for industrial development, subject to government approval and specified conditions.
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