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of <h1>Finance Act 2002: Major Changes to Income-Tax Act 1961 on Tax Rates, Deductions, Capital Gains, and Dividends.</h1> The Finance Act, 2002, introduced significant amendments to the Income-tax Act, 1961, and other related statutes, focusing on direct taxes. Key changes include adjustments to tax rates and deductions, amendments to sections concerning income from house property, capital gains, and exemptions for various entities. New sections were added to address issues like non-compete fees, transfer pricing, and taxation of dividends. The Act also revised provisions for tax deduction at source, penalties, and interest rates. Additionally, it abolished the pre-emptive purchase scheme for immovable properties and modified the tax treatment of certain statutory bodies, making them taxable. The amendments aimed at rationalizing tax provisions, enhancing compliance, and providing relief to specific sectors.
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