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of <h1>Finance Act 2005: Income-tax Act Updates on Fringe Benefits, Zero Coupon Bonds, and Assessment Changes in Section 2</h1> The Finance Act, 2005, amends section 2 of the Income-tax Act effective April 1, 2006. It modifies clause (7) to include 'assessment of fringe benefits' alongside 'assessment of income.' A new clause (23B) defines 'fringe benefits' as referenced in section 115WB. Clause (42A) is updated to include 'zero coupon bond' after clause (23D) of section 10. Clause (43) is expanded to include fringe benefit tax for the assessment year starting April 1, 2006. Clause (47) adds sub-clause (iva) for zero coupon bond redemption. A new clause (48) defines 'zero coupon bond' issued by infrastructure entities, with specifications by the Central Government.
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