Income-tax rates and withholding changes reshape residence, source rules, fund taxation, compliance and penalties across the regime. The Bill revises income-tax rates, withholding schedules and surcharge/cess treatment; defines business trusts and prescribes tax and withholding treatment for REITs/InvITs and related unit transfers; adopts place of effective management for corporate residence and tightens rules deeming foreign shares tied to Indian assets taxable in India; creates carve-outs and reporting obligations for eligible foreign investment funds while introducing a new Chapter on taxation of investment funds and unit holders; enhances deductions and incentives for specified investments and personal reliefs; broadens withholding, reporting and PAN requirements; strengthens procedural safeguards, appellate and assessment rules; expands penalties and abolishes wealth-tax for subsequent assessment years.