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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Taxation Laws (Amendment) Act, 1991: Finance Act Section 2 Tax Rate Changes from 8% to 12% and 15% for Companies.</h1> The Taxation Laws (Amendment) Act, 1991, modifies section 2 of the Finance Act, 1990. It replaces the term 'eight per cent.' with 'twelve per cent.' in sub-sections (5), (6), and (8). Additionally, for domestic companies, the rate is further adjusted to 'fifteen per cent.' in specific cases, such as contractors and buyers, effective retroactively from October 15, 1990. These amendments aim to update the applicable tax rates within the specified provisions of the Finance Act.
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