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of <h1>Amendment to Section 34 of Income-tax Act 1961: Changes to Subsections, New Clause on Building Allowance Restrictions</h1> The amendment to section 34 of the Income-tax Act, 1961, as per the Taxation Laws (Amendment) Act, 1970, involves changes to subsections (1) and (2). Subsection (1) now includes references to subsection (1A). In subsection (2), clause (i) is modified to include 'structure or work' alongside 'plant or furniture,' and a new clause (iii) is added. This new clause specifies that no allowance is authorized for any structure or work related to a building that is sold, discarded, demolished, or surrendered due to lease or occupancy rights termination in that year.
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