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of <h1>Finance Act 1994: New Tax Rates, Expanded Exemptions, and Relief for Seniors and Handicapped Minors. Key Amendments Explained.</h1> The Finance Act of 1994 introduced several amendments to direct tax laws, including changes to the Income-tax Act, Wealth-tax Act, Gift-tax Act, and Expenditure-tax Act. Key amendments include the introduction of new tax rates for different income categories, the creation of a new class of tax authorities, and the extension of tax exemptions for certain entities and activities. The Act also introduced new sections, such as estimated income methods for specific businesses, and expanded tax concessions for scientific research and certain savings. Additionally, it addressed issues related to capital gains, tax holidays for export-oriented units, and provided relief for senior citizens and handicapped minors. Changes to procedural aspects, such as the due date for filing returns and the scope of tax deductions at source, were also made.
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