https://www.taxtmi.com/acts?id=47247 Amendments to section 32AB remove the word "eligible" in several sub-sections, reword the definition of taxable profits to treat "the profits of business or profession" for sub-section (1), modernise schedule references, add clause (e) permitting deduction for new machinery in industrial undertakings excluding small-scale units for items in the Eleventh Schedule, substitute "scheme or" in sub-section (5A) with an Explanation preserving application of sub-sections (5AA) and (6), insert sub-section (5AA) deeming certain deposit account withdrawals as business income of the year of withdrawal, omit "eligible" in (5B), and clarify sub-section (6) by adding specified bracketed circumstances. en-us Fri, 10 Jan 2025 12:05:02 +0530 Fri, 10 Jan 2025 12:05:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=47247 Amendments to section 32AB remove the word "eligible" in several sub-sections, reword the definition of taxable profits to treat "the profits of business or profession" for sub-section (1), modernise schedule references, add clause (e) permitting deduction for new machinery in industrial undertakings excluding small-scale units for items in the Eleventh Schedule, substitute "scheme or" in sub-section (5A) with an Explanation preserving application of sub-sections (5AA) and (6), insert sub-section (5AA) deeming certain deposit account withdrawals as business income of the year of withdrawal, omit "eligible" in (5B), and clarify sub-section (6) by adding specified bracketed circumstances. Act-Rules F. Acts / Amendment Acts Fri, 10 Jan 2025 12:05:02 +0530 https://www.taxtmi.com/acts?id=47247