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<h1>Circular Explains Amendments to Direct Tax Laws: Key Changes to Income, Wealth, and Gift Tax from 1989.</h1> The circular provides explanatory notes on the Direct Tax Laws (Amendment) Acts of 1987 and 1989, detailing various changes in tax laws effective from April 1, 1989. Key amendments include the withdrawal of certain provisions from the 1987 Act, such as the taxation schemes for firms, partners, and charitable institutions, which were restored to their original form by the 1989 Act. The circular also outlines changes in the income tax, wealth tax, and gift tax acts, including adjustments to penalties, assessment procedures, and tax exemptions. Additionally, it addresses the procedural aspects of tax recovery, appeals, and the powers of tax authorities.