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of <h1>Amendment to Section 32: New Clause for Power Assets and 50% Deduction Limit for Short-Term Use.</h1> Section 32 of the Income-tax Act, 1961, was amended by the Income-tax (Amendment) Act, 1998, effective April 1, 1998. A new clause was inserted before clause (ii) in sub-section (1), specifying a prescribed percentage for assets of undertakings involved in power generation or distribution. Additionally, the second proviso was replaced to state that if an asset is acquired and used for less than 180 days in the previous year, the deduction is limited to 50% of the prescribed percentage for assets under clause (i) or (ii).
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