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of <h1>Amendment to Income-tax Rules 1962: New Tax Recognition for Life-saving Medical Equipment under Section 295</h1> The Income-tax (Fifth Amendment) Rules, 2003, issued by the Central Board of Direct Taxes under section 295 of the Income-tax Act, 1961, amends the Income-tax Rules, 1962. Effective from April 1, 2004, the amendment updates the Table in Appendix-I, Part A, concerning tangible assets under 'Machinery and Plant.' It introduces a new sub-item (xia) for life-saving medical equipment, listing items such as D.C. defibrillators, haemodialysors, heart-lung machines, MRI systems, surgical lasers, and various types of ventilators and endoscopes, among others, to be recognized for tax purposes.
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