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of <h1>Amendment to Income-tax Act Section 32AB Redefines Deductions, Asset Definitions, and Profit Calculations; Introduces New Restrictions.</h1> The amendment to section 32AB of the Income-tax Act, introduced by the Finance Act, 1987, modifies various provisions related to deductions and asset definitions. It specifies that deductions for firms, associations, or bodies of individuals are not applicable to partners or members. It redefines 'new ship,' 'new aircraft,' and 'new machinery or plant' with conditions for prior use and importation. Amendments in sub-section (3) revise the calculation of profits by including various financial components. New sub-sections (5A) and (5B) restrict withdrawal from deposit accounts and disallow certain expenditures from eligible business income computations. Sub-section (6) is updated to specify utilization timelines.
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