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of <h1>Finance Bill 2020: New Tax Rates, TDS Sections, E-Tax Admin, Startup Incentives, Anti-Abuse Measures, GST & Customs Updates.</h1> The Finance Bill, 2020 proposes amendments to various tax laws, including the Income-tax Act, 1961, and the Prohibition of Benami Property Transactions Act, 1988, to enhance tax administration and compliance. Key changes include adjustments to income tax rates and surcharges, introduction of new sections for tax deduction at source (TDS), and provisions for electronic tax administration. The Bill also addresses tax incentives for startups, rationalizes exemptions, and modifies provisions related to dividend distribution tax. Additionally, it introduces measures to curb tax abuse and improve transparency, such as penalties for false entries and provisions for e-assessment and e-appeal schemes. Amendments to the Customs Act, 1962, and the Goods and Services Tax (GST) laws are also included to streamline processes and adjust duties.
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