https://www.taxtmi.com/circulars?id=4450 Finance Act, 1970 revises income tax and withholding rate structures, expands a consolidated investment deduction for specified financial assets, narrows exemptions and tightens accumulation and forfeiture rules for charitable and religious trusts (with new filing obligations), subjects private discretionary trusts to a flat tax regime with limited exceptions, brings capital gains on agricultural land in defined urbanised areas within charge with a rollover relief, disallows domestic entertainment and non holiday guest house deductions, creates Additional Commissioners with allocated functions, and reforms wealth tax and gift tax rates and exemptions. en-us Wed, 02 Sep 1970 00:00:00 +0530 Sat, 09 Aug 2008 12:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=4450 Finance Act, 1970 revises income tax and withholding rate structures, expands a consolidated investment deduction for specified financial assets, narrows exemptions and tightens accumulation and forfeiture rules for charitable and religious trusts (with new filing obligations), subjects private discretionary trusts to a flat tax regime with limited exceptions, brings capital gains on agricultural land in defined urbanised areas within charge with a rollover relief, disallows domestic entertainment and non holiday guest house deductions, creates Additional Commissioners with allocated functions, and reforms wealth tax and gift tax rates and exemptions. Circulars Income Tax Wed, 02 Sep 1970 00:00:00 +0530 https://www.taxtmi.com/circulars?id=4450