Tax rate restructuring increases progressivity and adds targeted rules on trusts, wealth and withholding consequences. Finance Act, 1970 revises income tax and withholding rate structures, expands a consolidated investment deduction for specified financial assets, narrows exemptions and tightens accumulation and forfeiture rules for charitable and religious trusts (with new filing obligations), subjects private discretionary trusts to a flat tax regime with limited exceptions, brings capital gains on agricultural land in defined urbanised areas within charge with a rollover relief, disallows domestic entertainment and non holiday guest house deductions, creates Additional Commissioners with allocated functions, and reforms wealth tax and gift tax rates and exemptions.