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          <h1>1975 Taxation Laws Amendment Act Updates Income, Wealth, Gift, and Surtax Laws; Staggered Implementation Planned</h1> The Taxation Laws (Amendment) Act, 1975, received presidential assent on August 7, 1975. This Act amends several existing tax laws, including the Income-tax Act, 1961, the Wealth-tax Act, 1957, the Gift-tax Act, 1958, and the Companies (Profits) Surtax Act, 1964. The Act's commencement date will be determined by the Central Government through an official notification, allowing different provisions to come into effect at different times. The Act is designed to update and modify the specified taxation laws within the Republic of India.

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