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of <h1>Finance Act 2006: Amendments to Income-tax Act 1961, New Sections 80AC & 115BBC, Tax Rate Changes for 2006-07.</h1> The Finance Act, 2006, enacted as Act No. 21 of 2006, introduces several amendments and new provisions relating to direct taxes. It specifies income tax rates for the assessment year 2006-07 and amends numerous sections of the Income-tax Act, 1961, including sections on exemptions, deductions, and tax credits. Key changes include the introduction of new sections like 80AC and 115BBC, adjustments to tax rates for different entities, and modifications to the treatment of deductions and exemptions. The Act also addresses the taxation of anonymous donations, the carry-forward of MAT credit, and the rationalization of provisions related to fringe benefits, among other measures. These amendments aim to streamline tax processes, enhance compliance, and ensure clarity in tax regulations.
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