The Finance Bill, 1997 provides no increase in the exemption limit from Rs. 40,000 for individuals, etc. for the F. Y. 1997-98, relevant to the A. Y. 1998-99. However, there are significant changes in the rates of tax at different slabs of income. For example, the income-tax rate for the slab between Rs. 40,001 and Rs. 60,000 will be 10% in place of 15%. Likewise, the income-tax rate for the slab of Rs. 60,001 and Rs. 1,50,000 would be 20% in place of 30% and 40% at present. The maximum rate of tax would operate on income beyond Rs. 1,50,000 at 30% only as against 40% for the A. Y. 1997-98. The income-tax surcharge for companies is abolished and rate of income-tax on demostic companies i.e. Corporation Tax would be 35% for the F. Y. 1997-98, relevant to the A.Y. 1998-99. Besides, the voluntary disclosure income scheme operative up to 31-12-97 has been announced with rate of tax at 35%, for companies and firms and 30% only for other assessees. The important proposed amendment ....