Amendments at a glance , Provisions explained

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.... 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 Para A of Part III of 1st Sch Circular No. 177, dated 15-9-1975 Explanatory Notes Finance (Amendmen....

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.... 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 the case of individuals, Hindu undivided families (other than those having at least one member with total income exceeding the exemption limit), unregistered firms, other assoc....

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....on 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 undivided families, unregistered firms, other associations of persons or bodies of individuals and artificial juridical persons. The revised rates will also be applicable for deduction of income-tax at....

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....r 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-agricultural income with income derived from agriculture is applicable only in the case of taxpayers who have non-agricultural income exceeding Rs. 8,000 (as against Rs. 6,000 at present). This amendm....