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of <h1>1975 Taxation Laws Amendment: Tackles Black Money, Tax Evasion, and Enhances Tax Authority Powers; New Penalties and Exemptions Added.</h1> The Taxation Laws (Amendment) Act, 1975, effective from October 1, 1975, amends several tax acts to combat black money, tax evasion, and streamline tax administration. Key changes include tax exemptions for non-Indian employees of foreign philanthropic bodies, enhanced jurisdiction for income-tax authorities, and expanded powers for search, seizure, and survey. The Act introduces measures to reduce tax arrears, such as personal liability for directors of private companies and partners of dissolved firms, and penalties for tax non-payment. It also enacts stricter penalties for tax-related offences and introduces new sections to improve tax recovery and administration efficiency.
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