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of <h1>1971 Finance Act Revises Income, Wealth, Gift, and Surtax Laws: New Rates, Deductions, and Property Transfer Rules.</h1> The Finance (No. 2) Act, 1971 introduces various amendments to tax laws, including the Income-tax Act, Wealth-tax Act, Gift-tax Act, and Companies (Profits) Surtax Act. Key changes include adjustments in tax rates, definitions, and exemptions. The Act modifies the rate structure for income tax, introduces new provisions for tax deductions and exemptions, and imposes restrictions on business expenses. It also addresses the tax treatment of capital gains, dividends, and technical services. Additionally, it amends the rules for tax recovery and the registration of property transfers. The Act aims to streamline tax processes, enhance revenue, and provide relief in specific cases.
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