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of <h1>Finance Act 1996: Major Updates to Income & Wealth Tax Laws, New Tax Holidays for Infrastructure, Research Projects.</h1> The Finance (No. 2) Act, 1996, received presidential assent on September 28, 1996, and brought significant amendments to the Income-tax Act, 1961, and the Wealth-tax Act, 1957. Key changes include amendments to various sections, the introduction of new sections, and the omission of redundant ones. The Act prescribes income-tax rates for the assessment year 1996-97, modifies provisions for deductions and exemptions, and introduces tax holidays for infrastructure and research projects. It also addresses issues like depreciation, capital gains, and tax deductions at source, while enhancing limits for medical deductions and senior citizen rebates. Additionally, the Act provides income-tax exemptions for specific funds and corporations.
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