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of <h1>Finance Act 1970 updates Income-tax Act: Amends definitions, excludes certain urban agricultural lands, clarifies 'advance tax' computation.</h1> The Finance Act, 1970 amends Section 2 of the Income-tax Act by revising the definition of certain terms. Sub-clause (iii) of clause (14) is replaced to specify that agricultural land in India is excluded from certain urban areas, including those within municipal or cantonment board jurisdictions with populations over ten thousand, or within eight kilometers of such areas, as notified by the Central Government. Clause (16) is updated to define 'Commissioner' as a person appointed under Section 117, including Additional Commissioners. Clause (37A) is amended to clarify the computation of 'advance tax' payable under Chapter XVII-C, effective April 1, 1971.
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