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of <h1>Finance Act 2004: New Tax Amendments, Securities Transaction Tax, Compliance Boost, and Anti-Evasion Measures.</h1> The Finance (No. 2) Act, 2004, enacted on September 10, 2004, introduced several amendments related to direct taxes. Key changes include modifications to various sections of the Income-tax Act, 1961, such as the introduction of new sections, amendments to existing ones, and the substitution of others. Notable provisions include the introduction of Securities Transaction Tax, changes in tax rates for different entities, and new exemptions and deductions for specific income categories. The Act also addresses tax avoidance strategies, enhances compliance requirements, and provides for the dematerialization of TDS and TCS certificates. Additionally, it introduces measures for prosecuting tax evasion and rationalizes provisions for offenses by companies.
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