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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Finance Act 1995: Revised Tax Rates, New Deductions for Infrastructure, Venture Capital, and Five-Year Tax Holiday for Projects.</h1> The Finance Act, 1995, introduces various amendments and new provisions to the Income-tax Act, 1961, affecting direct taxes. Key changes include revised tax rates for 1995-96, enhanced exemptions for specific allowances, and new deductions for infrastructure development and venture capital funds. The Act also introduces a five-year tax holiday for infrastructure projects, modifies tax provisions for mutual funds, and simplifies capital gains computation for bonus shares. Enhanced powers for tax authorities in information gathering and surveys, along with procedural changes for tax audits and assessments, are also included. The Act aims to streamline tax processes, encourage savings, and support economic development through targeted fiscal incentives.
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