Recomputation of capital gains allows amended computations on enhanced compensation and enables matching exemptions when reinvested in specified assets. The Finance Act, 1978 prescribes income tax and withholding rates for 1978-79, discontinues interest tax on scheduled banks, raises compulsory deposit rates, and introduces withholding on horse race winnings. It liberalises residence rules for citizens employed abroad, expands and modifies tax incentives (including enhanced deductions for long term savings, a new equity investment deduction, amended export market allowances, and concessions for housing and depreciation), and tightens compliance through advertisement expenditure disallowances and a new voluntary advance tax regime with reporting and penalty provisions. It empowers recomputation of capital gains and exempts reinvested additional compensation.
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Recomputation of capital gains allows amended computations on enhanced compensation and enables matching exemptions when reinvested in specified assets.
The Finance Act, 1978 prescribes income tax and withholding rates for 1978-79, discontinues interest tax on scheduled banks, raises compulsory deposit rates, and introduces withholding on horse race winnings. It liberalises residence rules for citizens employed abroad, expands and modifies tax incentives (including enhanced deductions for long term savings, a new equity investment deduction, amended export market allowances, and concessions for housing and depreciation), and tightens compliance through advertisement expenditure disallowances and a new voluntary advance tax regime with reporting and penalty provisions. It empowers recomputation of capital gains and exempts reinvested additional compensation.
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