Securities Transaction Tax and tonnage tax scheme introduced, plus tightened TDS/TCS reporting and expanded taxable receipts. The Finance (No. 2) Act, 2004 enacts comprehensive direct-tax changes: specifies income tax/TDS/advance tax rates with surcharges and education cess; expands taxable income to include gratuitous receipts above a threshold (with exclusions); implements the New Pension Scheme deduction and treats government matching contributions as salary; tightens TDS/TCS reporting and identification through a common deduction/collection number and dematerialised statement-based credit; introduces Securities Transaction Tax with related capital-gains treatment; and establishes an elective tonnage-tax regime for qualifying shipping companies with detailed computation, compliance, reserve and anti abuse rules.
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Provisions expressly mentioned in the judgment/order text.
Securities Transaction Tax and tonnage tax scheme introduced, plus tightened TDS/TCS reporting and expanded taxable receipts.
The Finance (No. 2) Act, 2004 enacts comprehensive direct-tax changes: specifies income tax/TDS/advance tax rates with surcharges and education cess; expands taxable income to include gratuitous receipts above a threshold (with exclusions); implements the New Pension Scheme deduction and treats government matching contributions as salary; tightens TDS/TCS reporting and identification through a common deduction/collection number and dematerialised statement-based credit; introduces Securities Transaction Tax with related capital-gains treatment; and establishes an elective tonnage-tax regime for qualifying shipping companies with detailed computation, compliance, reserve and anti abuse rules.
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