Finance Bill 2007 updates tax rates, broadens taxable bases, tightens TDS/TCS rules and revises customs, excise and service tax levies. The Finance Bill, 2007 specifies income tax rates and surcharges for 2007 08, broadens tax bases and clarifies the source rule for non resident income, reforms withholding regimes (TDS/TCS rates and thresholds), adjusts deductions and sectoral incentives (R&D, infrastructure, bonds, MAT), strengthens anti evasion and settlement procedures with timelines and new penalties for undisclosed income on search, and enacts comprehensive customs, excise and service tax changes including a 1% secondary and higher education cess and multiple tariff and exemption revisions.