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of <h1>Finance Act 1987: Major Tax Reforms in India, New Rules for Dividends, Capital Gains, and Investment Incentives.</h1> The Finance Act, 1987, enacted as Act No. 11, introduces significant amendments to direct tax provisions in India. Key changes include revisions to sections of the Income-tax, Wealth-tax, and Gift-tax Acts, affecting tax rates, definitions, and exemptions. Notable amendments involve broadening the definition of 'dividend' and 'transfer,' setting new rules for capital gains, and introducing tax incentives for investments in residential properties and shares. The Act also imposes a minimum tax on company book profits and modifies tax deduction at source procedures. Additionally, it addresses tax evasion tactics and enhances provisions for settlement of tax cases.
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