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of <h1>Finance Act 1998 Updates Income-tax Act: Changes in Official Titles, Asset Definitions, and Depreciation Rates.</h1> The Finance (No. 2) Act, 1998, amends section 2 of the Income-tax Act. It updates the designations by replacing 'Assistant Commissioner or Assistant Director' with 'Deputy Commissioner or Deputy Director,' and 'Deputy Commissioner or Deputy Director' with 'Joint Commissioner or Joint Director.' It adds 'Deputy Commissioner of Income-tax' after 'Assistant Commissioner of Income-tax' and redefines 'block of assets' to include tangible and intangible assets with a uniform depreciation rate. References to 'Additional Commissioner of Income-tax' are removed. New definitions for 'Joint Commissioner' and 'Joint Director' are introduced, and a specific phrase in clause (30) is omitted.
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