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of <h1>Finance Act 1998: Updates on Income Tax, New Depreciation Rules, and Kar Vivad Samadhan Scheme for Dispute Resolution.</h1> The Finance (No. 2) Act, 1998, outlines various amendments and provisions related to income tax, affecting both corporate and non-corporate taxpayers for the assessment year 1998-99. Key changes include maintaining the previous year's tax rates, specifying tax deduction rates for non-salary incomes, and revising the standard deduction for salaried individuals. The Act also introduces new sections for depreciation on intangible assets, tax incentives for the petroleum sector, and provisions for venture capital funds. Additionally, it addresses redesignation of income-tax authorities, removal of certain tax exemptions, and amendments for educational and medical institutions. The Act also extends tax holidays for specific industries and regions and introduces the Kar Vivad Samadhan Scheme for resolving tax disputes.
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