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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Finance Act 1987: Major Updates to Income-tax Act, Key Changes in Sections 32A, 54E, 80L, and 193 Effective 1987-1988.</h1> Section 74 of the Finance Act, 1987 introduces consequential amendments to the Income-tax Act. These amendments include the omission of certain explanations in sections 32A, 54E, 80L, and 193. Effective June 1, 1987, changes are made to sections 272A and the Fourth Schedule. From April 1, 1988, amendments affect sections 2, 10A, 41, 73, 155, 236A, 246, and 280ZB. Key changes involve substituting specific phrases and omitting certain words to update the tax provisions, particularly regarding capital assets, subsidiary companies, and income classifications.
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