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of <h1>Finance Act 2005: New Tax Rates, Exemptions for Non-Residents, Enhanced Depreciation, and Banking Cash Transaction Tax Introduced.</h1> The Finance Act, 2005, effective from the assessment year 2006-07, introduced significant amendments to direct tax provisions. Key changes included the specification of income tax rates for the assessment year 2005-06, the introduction of new sections, and the omission or substitution of others in the Income-tax Act, 1961. Notable amendments involved the revival of exemptions for non-resident accounts, foreign currency deposits, and lease rentals for aircraft. The Act also enhanced additional depreciation rates, rationalized the tax treatment of savings, and allowed for the set-off of losses in banking amalgamations. Furthermore, the Act introduced a new levy, the Banking Cash Transaction Tax, and provided for the non-deduction of tax at source for small truck operators.
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