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of <h1>Income-tax Act Update: Section 35D Amended for Faster Deductions on Specified Expenditures Effective April 1, 1999</h1> The Finance (No. 2) Act, 1998, amends section 35D of the Income-tax Act, effective April 1, 1999. It modifies sub-section (1) to allow an assessee incurring specified expenditure after March 31, 1998, to claim deductions over five years instead of ten, changing the deduction rate from one-tenth to one-fifth annually. Additionally, sub-section (3) is amended to increase the applicable percentage from two and one-half percent to five percent for aggregate expenditures incurred after the same date.
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