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of <h1>1987 Amendment Act Overhauls Tax Laws: New Schemes, Standardized Financial Year, Revised Tax Procedures, and Anti-Evasion Measures.</h1> The Direct Tax Laws (Amendment) Act, 1987, as amended by the 1989 Act, introduced significant changes to the Income-tax, Wealth-tax, Gift-tax, and Companies (Profits) Surtax Acts. Effective from April 1, 1988, the amendments aimed to standardize the financial year, eliminate certain tax exemptions, and introduce new tax schemes for charitable institutions and scientific research. Key changes included redesignating tax authorities, revising assessment procedures, and implementing mandatory additional taxes for income concealment. The amendments also addressed tax evasion and streamlined tax collection processes. The 1989 Act further modified some provisions, restoring previous rules for charitable institutions and tax treatments for firms and partners.
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