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of <h1>Income-tax Act Section 32 Amended: No Deductions for Foreign Cars & Limited Deductions for Short-Term Use Assets.</h1> In the Finance (No. 2) Act, 1991, section 32 of the Income-tax Act is amended to modify the provisions regarding deductions. The amendment specifies that no deduction is allowed for motor cars manufactured outside India acquired after February 28, 1975, unless used for tourist hire or outside India for business. Additionally, deductions for machinery or plant are disallowed if their cost is already covered under a Central Government agreement. Furthermore, if an asset is acquired and used for less than 180 days in a year, the deduction is limited to 50% of the prescribed amount for such assets.
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