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of <h1>Finance Act 2019 Amended: New Tax Exemptions, Surcharge Rates for Companies Under Sections 115BAA, 115BAB, and 115AD</h1> Section 8 of the Finance (No.2) Act, 2019 is amended to address taxation provisions. Changes include specifying that certain domestic companies are exempt from the First Schedule if taxed under sections 115BAA or 115BAB of the Income-tax Act. For individuals and entities with income under section 115AD, new surcharge rates on advance tax are introduced, ranging from 10% to 37% based on income brackets. The amendments also clarify the surcharge application for domestic companies taxed under sections 115BAA or 115BAB, setting it at 10% of the advance tax.
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