Taxation amendment updates income-tax, wealth-tax and gift-tax and grants temporary exemption to a government company. The Act amends the Income-tax Act, 1961, the Wealth-tax Act, 1957 and the Gift-tax Act, 1958 and provides a specified temporary exemption from income-tax and surtax to a Government company; it is titled the Taxation Laws (Amendment and Miscellaneous Provisions) Act, 1986 and, except where otherwise provided, comes into force immediately.