Finance Bill 2006 revises income-tax and surcharge rules, narrows exemptions, tightens deductibility and strengthens compliance mechanisms. Finance Bill, 2006 prescribes revised income-tax rates and surcharge/education cess, broadens the tax base by restricting and withdrawing targeted exemptions, clarifies that foreign income taxes eligible for credit are not deductible, taxes anonymous donations to certain institutions, tightens deductibility and anti-abuse rules (including retrospective limits on interest converted to loans), revises MAT and extends MAT credit carry-forward, mandates quarterly TDS/TCS statements with related penalties and PAN/TAN expansions, shortens certain assessment time-limits, defers TDS/TCS dematerialisation, and increases service, securities transaction, customs and central-excise duty rates with multiple tariff adjustments.
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Finance Bill 2006 revises income-tax and surcharge rules, narrows exemptions, tightens deductibility and strengthens compliance mechanisms.
Finance Bill, 2006 prescribes revised income-tax rates and surcharge/education cess, broadens the tax base by restricting and withdrawing targeted exemptions, clarifies that foreign income taxes eligible for credit are not deductible, taxes anonymous donations to certain institutions, tightens deductibility and anti-abuse rules (including retrospective limits on interest converted to loans), revises MAT and extends MAT credit carry-forward, mandates quarterly TDS/TCS statements with related penalties and PAN/TAN expansions, shortens certain assessment time-limits, defers TDS/TCS dematerialisation, and increases service, securities transaction, customs and central-excise duty rates with multiple tariff adjustments.
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