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of <h1>Finance Bill 2011: New 5% Tax Rate for Non-Resident Interest, Updates to Charitable Deductions & Infrastructure Funds</h1> The Finance Bill, 2011 outlines the income-tax rates for the assessment year 2011-2012, maintaining the same rates as the previous year for deductions and special cases. It introduces a 5% tax deduction rate for certain non-resident interest payments and proposes amendments to various sections of the Income-tax Act. Key changes include adjustments to the definition of 'charitable purpose,' exemptions for specified incomes, increased deductions for scientific research, and new provisions for infrastructure debt funds. The Bill also addresses tax on dividends, arm's length pricing, and introduces special measures for transactions with notified jurisdictions. Amendments are set to take effect from specified dates, impacting subsequent assessment years.
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