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of <h1>Finance Act 1972 Amends Income-tax Act: Redefines Personal Effects & Updates Income Sources Including Trust Contributions and Winnings.</h1> The Finance Act, 1972, amends Section 2 of the Income-tax Act, effective April 1, 1973. In clause (14), it redefines 'personal effects' to include movable property like apparel and furniture but excludes jewellery, which is defined to include items made of precious metals and stones. Clause (24) introduces sub-clause (iia), addressing voluntary contributions to trusts or institutions for charitable or religious purposes, excluding those directed to form part of the corpus. It also adds sub-clause (ix) to include winnings from various games and gambling as income. Clause (37A) updates references from '194A' to '194A, 194B.'
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