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of <h1>Finance Act 1981: New tax rates, enhanced deductions, tax holidays for free trade zones, and more to boost the economy.</h1> The Finance Act, 1981, enacted on May 12, 1981, introduces several changes to direct taxes. Key provisions include setting income tax rates for the assessment year 1981-82, enhancing standard deductions for salaried individuals, and amending various tax acts to close loopholes and encourage foreign investment in mineral oil and natural gas sectors. The Act also extends the Compulsory Deposit Scheme for two more years and raises fees for appeals to the Appellate Tribunal. Additionally, it introduces tax holidays for industrial units in free trade zones and increases deductions for medical expenses on handicapped dependants. These changes aim to streamline tax processes and promote economic growth.
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