Redefinition of officer titles and formal definition of block of assets standardise administrative ranks and depreciation treatment. The amendment reclassifies income tax administrative titles by substituting and inserting composite designations and defining Joint Commissioner and Joint Director, clarifying the scope of officials. It also replaces the statutory definition of block of assets to group tangible and intangible assets that attract the same depreciation rate, standardising depreciation treatment by classifying assets into defined blocks.
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Redefinition of officer titles and formal definition of block of assets standardise administrative ranks and depreciation treatment.
The amendment reclassifies income tax administrative titles by substituting and inserting composite designations and defining Joint Commissioner and Joint Director, clarifying the scope of officials. It also replaces the statutory definition of block of assets to group tangible and intangible assets that attract the same depreciation rate, standardising depreciation treatment by classifying assets into defined blocks.
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