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of <h1>Income-tax Act Amendment Expands Incentives: Includes Mineral Oil, Power Generation, and Infrastructure Projects; Effective April 1998.</h1> The Income-tax (Amendment) Act, 1998, modifies section 80-IA of the Income-tax Act, expanding the scope of tax incentives for industrial undertakings. Key changes include extending tax benefits to commercial mineral oil production across India from April 1, 1997, and extending the period of tax benefits for power generation undertakings to the year 2000. It introduces provisions for industrial undertakings in backward districts, adjusting assessment years for tax benefits. Infrastructure facilities are redefined to include various public projects, with specific tax exemptions for highway projects. These amendments are effective from April 1, 1998, with some provisions backdated to April 1, 1995.
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