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of <h1>Taxation Laws (Amendment) Act, 1970: Streamlined Procedures, New Penalty Framework, and Tax Evasion Measures Enhance Compliance and Efficiency.</h1> The Taxation Laws (Amendment) Act, 1970 introduces various amendments to streamline procedures and enhance compliance with tax laws. Key changes include modifications to the Income-tax Act, such as a new procedure for regular assessments allowing summary assessments with adjustments for errors, and a revised penalty framework for non-payment of taxes. The amendments also extend exemptions for foreign technicians, redefine 'agricultural income,' and provide tax reliefs, including those for the blind or physically handicapped. The Act introduces measures to counter tax evasion, such as addressing benami partnerships and conversion of individual property into joint family property. Additionally, it simplifies interest calculations and increases fees for appeals across various tax acts. These amendments aim to improve tax administration efficiency and ensure equitable tax compliance.
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