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of <h1>1991 Finance Act: Tax Rate Changes, New Deductions, Incentives for Exports, R&D, and Extended Tax on Restaurants in India.</h1> The Finance (No. 2) Act, 1991, outlines various amendments and provisions related to income tax, wealth tax, gift tax, interest tax, and expenditure tax in India. Key changes include adjustments to income tax rates and surcharges for different categories of taxpayers, introduction of tax deductions for specific investments and contributions, and modifications to tax procedures and compliance requirements. The Act also introduces new provisions for tax incentives aimed at promoting exports, research, and development activities, and includes specific measures to streamline tax administration and enforcement. Additionally, the Act revives interest tax and extends expenditure tax to air-conditioned restaurants, among other updates.
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