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of <h1>Finance Act 1997: Major Tax Amendments, New Provisions for Income Tax Rates, Telecom, and Voluntary Disclosure Scheme.</h1> The Finance Act, 1997, introduced significant amendments to the Income-tax Act, 1961, affecting various sections and introducing new provisions. Key changes include adjustments in income tax rates for different categories, the introduction of a tax on distributed profits of domestic companies, and enhanced standard deductions for salaried taxpayers. New sections were added for telecom license fee amortization, and provisions for maintaining and auditing accounts were introduced. The Act also provided tax holidays for telecommunication services, industrial parks, and hotels in remote areas, while omitting certain deductions like those for poultry farming. Additionally, the Voluntary Disclosure of Income Scheme, 1997, was introduced to encourage the declaration of undisclosed income.
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