https://www.taxtmi.com/circulars?id=4630 The Finance (No. 2) Act, 1977 revises income tax and withholding rate schedules, raises the personal exemption threshold and surcharge for non corporate taxpayers, standardises advance tax limits for non company assessees, and prescribes specific source deduction rates for categories such as royalties, interest, dividends and lottery winnings. It shortens the holding period for short term capital assets, advances the base date for historical valuation for capital gains, inserts exemptions for reinvested long term gains in specified assets, expands investment allowance (including a higher rate for certain technology based production), introduces deductions for approved rural development and small rural undertakings, and creates Commissioner (Appeals) as a new appellate authority across direct tax enactments. en-us Tue, 09 Aug 1977 00:00:00 +0530 Sat, 09 Aug 2008 15:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=4630 The Finance (No. 2) Act, 1977 revises income tax and withholding rate schedules, raises the personal exemption threshold and surcharge for non corporate taxpayers, standardises advance tax limits for non company assessees, and prescribes specific source deduction rates for categories such as royalties, interest, dividends and lottery winnings. It shortens the holding period for short term capital assets, advances the base date for historical valuation for capital gains, inserts exemptions for reinvested long term gains in specified assets, expands investment allowance (including a higher rate for certain technology based production), introduces deductions for approved rural development and small rural undertakings, and creates Commissioner (Appeals) as a new appellate authority across direct tax enactments. Circulars Income Tax Tue, 09 Aug 1977 00:00:00 +0530 https://www.taxtmi.com/circulars?id=4630