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of <h1>Finance Act 1975: Income Tax Exemption Raised to Rs. 8,000; Revised Tax Rates for Different Income Brackets and Categories.</h1> The Finance (Amendment) Act, 1975, effective from April 1, 1975, raises the income-tax exemption limit for individuals, Hindu undivided families, unregistered firms, and other associations from Rs. 6,000 to Rs. 8,000. The tax rate for income up to Rs. 8,000 is set at nil, and for income between Rs. 8,000 to Rs. 15,000, it is 17% or 20% depending on the taxpayer category. This revision affects tax deductions at source for salaries and retirement annuities in 1975-76. Additionally, the Act addresses partially integrated taxation of non-agricultural and agricultural income, applying new criteria for advance tax calculations.
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