Amendments at a glance , Provisions explained

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..... tion 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 (Amendment) Act, 1975 1. The Finance (Amendment) Bill, 1975, as passed by Parliament, received the assent of the President on 31-7-1975 and has been enacted as Act 34 of 1975. This circular explains the substance of the provisions contained in this Act. Finance (Amendment) Act, 1975 Exemption limit of income-tax raised 2 . The main object of the Finance (Amendment) Act, 1975 (hereinafter referred to as the Amending Act, 1975) is to raise the exemption limit for income-tax in the case of individuals, Hindu undi .....

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..... ction 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 source during the financial year 1975-76 from retirement annuities payable to partners of registered firms engaged in certain professions (chartered accountants, solicitors, lawyers and architects) and for charging income-tax during 1975-76 on current incomes in special cases where accelerated assessments have to be made. These special cases .....

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..... issued before 31-7-1975 will not be called in question merely on the ground that the rate or rates for the purposes of computing the advance tax have been varied by the Amending Act, 1975 and every such order or notice of demand issued prior to that date will have effect as if the advance tax specified therein had been substituted by the amount of advance tax in accordance with the rate or rates as varied by the Amending Act, 1975. The taxpayer will also be entitled to adjust the excess amount, if any, paid by him in an instalment due on 15-6-1975 against the amount payable in the instalment due on 15-9-1975. - Circular - Trade Notice - Public Notice - Instructions - Office orders Tax Management India - taxmanagementindia - taxmanagemen .....

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