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of <h1>Amendments to Income Tax Act: New Definitions, Exemptions, Penalties, and Compliance Measures Effective 1976-77.</h1> The Taxation Laws (Amendment) Act, 1975 introduces various amendments to the Income Tax Act, effective from different dates in 1976 and 1977. Key changes include broadening the definition of 'child' to include step and adopted children, granting tax exemptions for specific national relief funds and charitable trusts, and revising rules for charitable trust income application. The Act also mandates account maintenance for certain professionals, modifies penalties for non-compliance, and introduces permanent account numbers. Additional provisions address speculation business losses, deductions for donations, and settlement procedures for tax disputes. The amendments aim to streamline tax processes, enhance compliance, and curb tax evasion.
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