Finance Act, 1980--Explanatory notes on the provisions relating to direct taxes

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....es of income-tax 3.1 Section 2 of the Finance Act, 1980 deals with the rates of income-tax. 3.2 The rates of income-tax and surcharge for the assessment year 1980-81 in the case of all categories of taxpayers (corporate as well as non-corporate) will be the same as were specified in Part III of the First Schedule to the Finance Act, 1979 for the purpose of calculating or charging income-tax in certain cases, deducting income-tax from income chargeable under the head "Salaries" or payments referred to in section 80E(9) and computing "advance tax" during the financial year 1979-80. 3.3 The same rates will be applicable for the purposes of computation of "advance tax" and deduction of tax at source from "salaries" and retirement annuities p....

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....ear 1980-81. [Section 2 of the Finance Act] AMENDMENTS TO INCOME-TAX ACT Exemption from tax of awards for service for alleviating the distress of the poor, the weak and the ailing - Section 10(17A) 4.1 Under clause (17A) of section 10 awards for literary, scientific and artistic work, as also for proficiency in sports and games, instituted by the Central Government or a State Government are exempted from income-tax. Likewise, exemption is available in respect of similar awards which are approved by the Central Government for the purposes of clause (17A) of section 10. 4.2 The Finance Act, 1980 has amended the provisions of clause (17A) of section 10 so as to extend the tax exemption to approved awards for outstanding work in alleviati....