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of <h1>Finance Act 2011: Income Tax Rate Changes, New Sections, and Tax Benefits for Charitable Purposes & Special Economic Zones.</h1> The circular outlines the amendments introduced by the Finance Act, 2011, which received presidential assent on April 8, 2011. Key changes include adjustments to income tax rates for the assessment year 2011-12, modifications to the Income-tax Act of 1961, and the introduction of new sections and chapters. Notable amendments cover the definition of 'charitable purpose,' exemptions for certain perquisites, infrastructure debt funds, and tax benefits for the New Pension System. The circular also addresses transfer pricing rationalization, taxation of foreign dividends, and adjustments to Minimum Alternate Tax and Dividend Distribution Tax for Special Economic Zones. Additionally, it introduces provisions for Alternate Minimum Tax for Limited Liability Partnerships and various procedural updates.
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