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of <h1>Income-tax Act Section 32A Amended: Threshold for Business Valuation Raised to 20 Lakh Rupees After July 31, 1980.</h1> Section 32A of the Income-tax Act has been amended by the Finance Act, 1981, specifically in clause (2) of the Explanation below sub-section (2). The amendment changes the threshold for the business of the undertaking from ten lakh rupees to a differentiated threshold based on the end date of the previous year. If the previous year ends before August 1, 1980, the limit remains at ten lakh rupees. However, if it ends after July 31, 1980, the limit is increased to twenty lakh rupees, affecting the valuation of machinery or plant.
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