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of <h1>1977 Finance Act Amends Tax Laws: New Rates, Savings Incentives, Rural Concessions, and Appeals System for Disputes.</h1> The Finance (No. 2) Act, 1977, introduces several amendments to direct tax laws, impacting income tax, wealth tax, gift tax, and other tax-related statutes. Key changes include the prescription of income tax rates for 1977-78, amendments to the Income-tax Act to incentivize savings and investments, and tax concessions for rural development and small-scale industries. New appellate authorities, Commissioners (Appeals), are established for tax disputes. Amendments also extend the compulsory deposit scheme for taxpayers and provide exemptions for specific entities like the Khadi and Village Industries Commission. The Act aims to streamline tax administration and encourage economic development.
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