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of <h1>Taxation Laws Amendment 2006: Expanded Powers, New Exemptions, Audit Rules, & Revised Deductions in Income-tax Act 1961.</h1> The Taxation Laws (Amendment) Act, 2006, effective from July 13, 2006, introduces changes to several sections of the Income-tax Act, 1961. Key amendments include: expanded powers for Tax Recovery Officers; extended tax exemptions for the North-Eastern Development Finance Corporation; removal of notification renewal requirements; introduction of time limits for notifications and approvals; mandatory audit requirements for certain entities; increased audit threshold for charitable trusts; guidelines for approvals under section 35; and provisions ensuring deductions for donors despite withdrawal of approvals for donees. The Act also modifies tax deduction rules for rent and royalty, revises penalties, and changes rounding off rules for tax amounts.
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