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of <h1>1989 Amendment Act Overhauls Tax Laws: Simplifies Firm Registration, Redefines 'Security,' and Introduces Incentives for Shipping and NRIs.</h1> The Direct Tax Laws (Second Amendment) Act, 1989, introduces significant changes to the Income-tax Act, Wealth-tax Act, and Gift-tax Act. Key amendments include simplifying firm registration, defining 'security,' extending stay periods for non-resident Indians, and modifying leave travel concession exemptions. Tax incentives for shipping companies and non-resident Indians are introduced, while unintended benefits are withdrawn. The Act addresses procedural anomalies, allows for automatic firm registration, and clarifies tax treatments for non-resident sportsmen. Amendments also impact the valuation of shares and extend tax concessions to new savings schemes. These changes aim to reduce litigation, ease taxpayer burdens, and streamline tax procedures.
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