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<h1>New Tax Rules Amend Depreciation for Textile Machinery under TUFS, Effective April 2002, Per Income-tax Rules, 1962.</h1> The Income-tax (Seventh Amendment) Rules, 2001, issued by the Central Board of Direct Taxes under the Ministry of Finance, amends the Income-tax Rules, 1962. Effective from April 1, 2002, the amendment introduces a new sub-item related to tangible assets, specifically machinery and plant used in the weaving, processing, and garment sector of the textile industry. These assets, purchased under the Technology Upgradation Fund Scheme (TUFS) between April 1, 2001, and April 1, 2004, and put to use before April 1, 2004, are eligible for a specified benefit. TUFS is defined as a scheme announced by the Government of India.
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