Finance Act 1978: Adjusted Income Tax Rates, New Tax Incentives, and Exemptions for Housing, Low-Income Groups, and Cooperatives.

The Finance Act, 1978, enacted as Act No. 19 of 1978, outlines provisions related to direct taxes, including income tax rates for the assessment year 1978-79, amendments to the Income-tax Act, 1961, and modifications to several tax incentives and exemptions. Key changes include adjustments to tax rates for various income categories, enhanced tax incentives for savings, and liberalization of tax concessions for housing and low-income groups. The Act also discontinues the levy of interest-tax and increases compulsory deposit rates. Additionally, it introduces new provisions for voluntary advance tax payments and exempts certain capital gains and cooperative societies from tax.

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