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of <h1>Finance Act 1984: Changes to Income and Wealth Tax, Audit Rules, Cash Transactions, and Deductions from April 1984/1985.</h1> The Finance Act, 1984, enacted as Act No. 21 of 1984, introduces various amendments to direct tax laws, including the Income-tax Act, Wealth-tax Act, and Unit Trust of India Act. Key changes include amendments to sections related to income-tax rates, compulsory audits for certain businesses, restrictions on cash transactions, and modifications in tax deductions and exemptions for individuals, trusts, and companies. The Act also introduces new sections and omits certain existing provisions, aiming to simplify tax laws and counter tax avoidance. These measures take effect from April 1, 1984, or April 1, 1985, depending on the specific provision.
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