Tax rate amendment reduces specified rate under the Second Schedule of the Income-tax Act by legislative amendment. Amendment substitutes the rate stated in rule 68A(3) of the Second Schedule to the Income tax Act by replacing the prior percentage with a lower percentage; this textual change is effected by the Taxation Laws (Amendment) Act, 2003 and operates solely as a substitution of the words describing the statutory rate in rule 68A(3).
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Tax rate amendment reduces specified rate under the Second Schedule of the Income-tax Act by legislative amendment.
Amendment substitutes the rate stated in rule 68A(3) of the Second Schedule to the Income tax Act by replacing the prior percentage with a lower percentage; this textual change is effected by the Taxation Laws (Amendment) Act, 2003 and operates solely as a substitution of the words describing the statutory rate in rule 68A(3).
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