TMI BlogFinance Act, 1980--Explanatory notes on the provisions relating to direct taxesX X X X Extracts X X X X X X X X Extracts X X X X ..... 1. RATE STRUCTURE Rates 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 "sal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of advance tax during the financial year 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 app ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e scheduled castes and the scheduled tribes thereby ensuring gradual integration of their members in the mainstream of economic life. Such organisations constitute an extension of the activities of the Government and have been set up as an independent autonomous unit primarily with the object of giving them greater freedom of operation. 6.2 The Finance Act, 1980 has inserted a new clause (26B) in section 10 to provide for exemption from income-tax in respect of income derived by any body, institution or association wholly financed by the Central or State Government or by a statutory corporation, where such body, institution, association or corporation has been established or formed for promoting the interests of the members of the schedul ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
