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of <h1>Income-tax Act Section 80J Amendment: Increased Deductions for New Industrial Undertakings, Revised Depreciation Period, and Auditing Requirements.</h1> The amendment to Section 80J of the Income-tax Act, effective from April 1, 1976, modifies several provisions related to deductions for companies. It increases the deduction rate for profits from industrial undertakings, ships, or hotels that commence operations after March 31, 1976, from six percent to seven and a half percent. It also revises conditions for buildings, machinery, and plant transfers, extending the depreciation period from twenty-eight to thirty-three years. Additional sub-sections mandate audited accounts for non-company assessees and adjust profit computations for goods transfers between businesses, ensuring accurate market value assessments and addressing potential profit manipulations.
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