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of <h1>Finance Act 2003: New Tax Rates, Tax Holidays, Exemptions, and E-Filing Measures in Income-tax and Other Acts.</h1> The Finance Act, 2003, effective from April 1, 2004, introduced significant amendments to various tax laws, including the Income-tax Act, Wealth-tax Act, Gift-tax Act, and Expenditure Tax Act. Key changes include revised tax rates for the 2003-04 assessment year, new sections for tax holidays and deductions, and exemptions for specific incomes. The Act also rationalized definitions related to income, residency, and business connections, and clarified provisions for deductions and exemptions, including those related to insurance policies, capital gains, and special economic zones. Additionally, it abolished expenditure tax and introduced measures for electronic filing and improved tax compliance.
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