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of <h1>Income-tax Act Amendment: Section 41 Update Adds Sub-section (4A) for Taxation on Withdrawn Special Reserves.</h1> Section 41 of the Income-tax Act is amended effective April 1, 1998. A new sub-section (4A) is added, stipulating that any amount withdrawn from a special reserve, previously allowed as a deduction under section 36(1)(viii), will be considered business or professional income and taxed in the year of withdrawal. If the business is no longer operational in the year of withdrawal, the provision applies as if it is still active. Additionally, sub-section (5) is updated to include references to the new sub-section (4A).
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