Finance (No.2) Bill 2004: tax rate, surcharge and education cess changes; new rebate for low incomes and widened TDS/TCS rules. The Finance (No. 2) Bill, 2004 fixes income tax rates and surcharges for 2004-2005, introduces a 2% Education Cess, inserts new rebate section 88D exempting residents with total income up to Rs.100,000, expands welfare deductions and disability definitions, implements TDS/TCS widening (including TDS on immovable property compensation and mandatory annual information returns with penalties), creates a tonnage tax for shipping, proposes a securities transaction tax with capital gains adjustments, and enacts broad customs, excise and service tax rate, exemption and administrative changes aimed at base broadening and compliance.
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Finance (No.2) Bill 2004: tax rate, surcharge and education cess changes; new rebate for low incomes and widened TDS/TCS rules.
The Finance (No. 2) Bill, 2004 fixes income tax rates and surcharges for 2004-2005, introduces a 2% Education Cess, inserts new rebate section 88D exempting residents with total income up to Rs.100,000, expands welfare deductions and disability definitions, implements TDS/TCS widening (including TDS on immovable property compensation and mandatory annual information returns with penalties), creates a tonnage tax for shipping, proposes a securities transaction tax with capital gains adjustments, and enacts broad customs, excise and service tax rate, exemption and administrative changes aimed at base broadening and compliance.
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