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of <h1>Amendment to Income-tax Act Section 32AB: Key Changes Include Taxable Withdrawals, Clause Modifications, and New Provisions for Installations.</h1> The amendment to Section 32AB of the Income-tax Act, as per the Finance Act, 1989, includes several changes effective from April 1, 1991. The term 'eligible' is removed from specific clauses, and certain clauses are omitted or modified. Sub-section (3) is revised to redefine profits for business or profession, and new provisions are added for machinery or plant installation in industrial undertakings. Sub-section (5A) is altered to clarify the scheme and introduce an explanation regarding withdrawals from deposit accounts. A new sub-section (5AA) is added, treating certain withdrawals as taxable income. Additional modifications involve the omission of 'eligible' and adjustments to account closure circumstances.
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