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          <h1>Finance Act 1996 Enforces Existing Income-Tax Rates for Financial Year 1996-97, Effective April 1, 1996.</h1> The Finance Act, 1996, enacted by the Parliament of India, received presidential assent on March 27, 1996. It is designated as Act No. 5 of 1996 and aims to maintain the existing income-tax rates for the financial year 1996-97. The Act is set to commence on April 1, 1996.

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