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of <h1>1970 Finance Act Revamps Tax Laws: Adjusted Rates, New Exemptions, Anti-Avoidance Measures, and Improved Tax Administration.</h1> The Finance Act of 1970 introduced several amendments to various tax laws. Key changes include adjustments to the rate structures for income tax, wealth tax, and gift tax. The amendments to the Income-tax Act include provisions for capital gains on agricultural land in urban areas, exemptions for income from specific investments, and measures to prevent tax avoidance through discretionary trusts. The Wealth-tax Act amendments focus on increasing rates and modifying exemptions, particularly for urban lands and buildings. The Gift-tax Act revisions align its rates with estate duty, and the Unit Trust of India Act adjustments increase tax exemptions for non-residents. The Act also introduces a new cadre of Additional Commissioners to improve tax administration.
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