Tax rate revisions and expanded definitions alter income tax, TDS, presumptive taxation, electoral trusts and wealth tax thresholds. The Bill revises income tax and TDS rates and cesses, expands definitions (including charitable purpose and electoral trust), introduces a full capital expenditure deduction for defined specified business activities, establishes a broadened presumptive taxation scheme for small taxpayers with related compliance relaxations, tightens withholding and PAN requirements, creates an internal Dispute Resolution Panel and safe harbour framework for transfer pricing, and introduces procedural measures for electronic service, document identification and centralised processing of TDS statements.
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Tax rate revisions and expanded definitions alter income tax, TDS, presumptive taxation, electoral trusts and wealth tax thresholds.
The Bill revises income tax and TDS rates and cesses, expands definitions (including charitable purpose and electoral trust), introduces a full capital expenditure deduction for defined specified business activities, establishes a broadened presumptive taxation scheme for small taxpayers with related compliance relaxations, tightens withholding and PAN requirements, creates an internal Dispute Resolution Panel and safe harbour framework for transfer pricing, and introduces procedural measures for electronic service, document identification and centralised processing of TDS statements.
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