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of <h1>Finance Act 1982: Tax Rate Changes, New Exemptions, and Deductions to Boost Savings and Investments. Effective April 1983.</h1> The Finance Act, 1982, enacted as Act No. 14 of 1982, amends various sections of the Income-tax Act, Wealth-tax Act, Gift-tax Act, Interest-tax Act, and Hotel-Receipts Tax Act, among others. Key amendments include changes to tax rates, exemptions, and deductions to promote savings, investments, and foreign exchange remittances. Notable changes include exemptions for interest income from specific savings certificates, tax relief for foreign projects, and modifications to capital gains tax provisions. The Act also introduces new sections, such as 35CCB and 54F, and raises limits for certain deductions. These provisions generally take effect from April 1, 1983, impacting the assessment year 1983-84 and subsequent years.
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