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of <h1>Income-tax Act Update: Section 32A Now Includes Tax Benefits for Machinery in Ship Repairs and Pollution Control Equipment.</h1> Section 32A of the Income-tax Act is amended by the Finance Act, 1983. A new clause is added to sub-section (2), effective April 1, 1984, allowing tax benefits for new machinery or plant installed between April 1, 1983, and April 1, 1988, for businesses repairing ocean-going vessels, provided they are approved by the Central Government. Additionally, sub-section (2C) is introduced, effective June 1, 1983, granting a higher tax deduction rate of 35% for pollution control or environmental protection machinery installed after May 31, 1983, in specified industrial undertakings.
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