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of <h1>Finance Act 1976: Revised Tax Rates, New Investment Incentives, and Amendments to Income-tax Act 1961 and Other Tax Laws.</h1> The Finance Act, 1976, enacted as Act No.66 of 1976, outlines changes in direct taxes, including income tax rates for 1976-77, amendments to the Income-tax Act, 1961, and other tax-related laws. Key changes include revised tax rates, incentives for savings and investments, and adjustments for non-residents. The Act also amends the Compulsory Deposit Scheme, Companies (Profits) Surtax Act, Wealth-tax Act, Gift-tax Act, Interest-tax Act, Unit Trust of India Act, and Life Insurance Corporation Act. It introduces new provisions for investment allowances, modifies capital gains tax rates, and provides exemptions for certain donations and investments. The Act aims to streamline tax administration and promote economic growth.
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