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of <h1>1986 Tax Law Amendments: MP Allowance Exemptions, Free Trade Zone Incentives, New Depreciation System, and Revised Penalty Rules.</h1> The Taxation Laws (Amendment and Miscellaneous Provisions) Act, 1986, amends various tax laws, including the Income-tax Act, Wealth-tax Act, and Gift-tax Act, to implement fiscal policies and budget proposals. Key changes include exempting certain allowances for Members of Parliament and State Legislatures, liberalizing tax provisions for industrial undertakings in free trade zones, and introducing a block depreciation system for assets. The Act also addresses backward area designations for tax holidays, revises export profit deductions, and sets deadlines for loss returns. Additionally, it reorganizes the Settlement Commission and modifies penalty and prosecution provisions, shifting the burden of proof for certain tax offenses.
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