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of <h1>Finance Act 1978 Amends Deposit Scheme: Updates to Sections 4, 5, and Schedule; New Tax Rates & Exemptions Explained.</h1> The Finance Act of 1978 amends the Compulsory Deposit Scheme (Income-tax Payers) Act of 1974. Key changes include modifications to section 4, where new clauses address assessment years starting April 1, 1977, 1978, and 1979, specifying rates in the Schedule. Sub-section (3) of section 4 is revised to reflect changes in tax advance payment requirements. Section 5 is amended to include references to section 209A. The Schedule is updated to outline compulsory deposit rates based on income brackets, with specific provisions for incomes exceeding certain thresholds and exemptions for deposits under Rs. 100.
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