Amendments at a glance , Provisions explained

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....ANCE (AMENDMENT) ACT 4 Independent provision to secure that notices for payment of advance tax during 1975-76 to have effect as if they had been revised on the basis of new rate schedules 4   FINANCE ACT, 1975 2(7) Scheme of partially integrated taxation of non-agricultural income with agricultural income3 Sub-Paras Exemption limit of income-tax raised 2 I and II of....

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....sons from Rs. 6,000 prescribed under the Finance Act, 1975 to Rs. 8,000. The Amending Act, 1975 has accordingly, replaced the rate schedule specified in Sub-Paragraph I and Sub-Paragraph II of Paragraph A of Part III of the First Schedule to the Finance Act, 1975 with retrospective effect from 1-4-1975. The changes made in these two Sub-Paragraphs are as follows: 1. The rate of income-tax in th....

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....000 at 20 per cent. The rates of income-tax on the other slabs of income have been retained at the existing levels. The revised rate schedules will apply for the purposes of deduction of income-tax at source from "salaries" in  the case of individuals during the financial  year 1975-76 and also for computation of advance tax payable in that year in the case of individuals, Hindu undiv....

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....f a discontinued business [section 176(2)]. It may be noted that the Amending Act, 1975 has not made any change in the rate schedules for the purposes of charging income-tax for the assessment year 1975-76. Finance (Amendment) Act, 1975 3. The Amending Act, 1975 has amended section 2(7) of the Finance Act, 1975 with a view to providing that the scheme of partially integrated taxation of non-....