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of <h1>Finance Bill 2017: Amendments to Income-Tax Act Impact Capital Gains, Deductions, and Introduce New Penalties for Non-Compliance</h1> The Finance Bill, 2017 outlines tax rates for the assessment year 2017-18, maintaining rates from the previous year for income tax, tax deductions at source, and advance tax. It introduces amendments to the Income-tax Act, affecting definitions, capital gains, and deductions. Key changes include adjustments to tax rates, definitions of capital assets, and provisions for non-residents and foreign portfolio investors. The Bill also addresses tax exemptions, deductions for start-ups, and special economic zones. It introduces new sections on secondary adjustments, withholding of refunds, and penalties for non-compliance, aiming to streamline tax processes and enhance compliance.
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