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of <h1>Finance Act 1979: Updates Income, Wealth, Gift Tax Rates; Addresses Loopholes, Extends Exemptions and Compulsory Deposits.</h1> The Finance Act of 1979 outlines various amendments and provisions related to direct taxes, including income tax, wealth tax, and gift tax. Key changes include the specification of income tax rates for the assessment year 1979-80, amendments to the Income-tax Act to address tax exemptions and loopholes, and adjustments in the rates for wealth tax on higher slabs of net wealth. The Act also introduces modifications to the jurisdiction of appellate authorities, extends tax exemptions to certain corporations and institutions, and continues the Compulsory Deposit Scheme for income-tax payers for two additional years. These provisions aim to streamline tax processes, close tax avoidance loopholes, and provide incentives for rural development and certain financial activities.
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