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of <h1>1989 Amendments Offer Tax Breaks for Foreign Firms, NRIs, Boost Investments, Clarify Wealth-Tax Rules.</h1> The Direct Tax Laws (Amendment) Act, 1989, received presidential assent on March 15, 1989, and introduced several changes to the Income-tax, Wealth-tax, and Gift-tax Acts. The amendments aimed to withdraw certain provisions from the 1987 Act, address anomalies, and introduce tax concessions. Key changes include tax exemptions for foreign companies providing technical services related to India's security, concessions for non-repatriable NRI Bonds, reintroduction of investment allowances, and incentives for tourism and foreign investments. The Act also sought to reduce litigation by incorporating asset valuation rules into the Wealth-tax Act and provided clarity on procedural aspects like appeals and tax collection.
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