Direct tax amendments expand definitions, clarify deemed source income, and revise rates, exemptions and compliance rules. The Finance Act, 2007 enacts broad amendments to direct tax law: it prescribes income tax and withholding rates with surcharge and cess mechanics; expands the definitions of Assessing Officer and India; inserts an Explanation to treat certain income as deemed to accrue in India irrespective of territorial nexus; widens capital asset scope to include works of art; creates new targeted exemptions and sectoral deductions; confines SEZ benefits to new units; revises deduction and valuation rules (notably for research, health premiums, co operative banks and ESOPs/FBT); strengthens anti evasion, audit and penalty provisions in search matters; and reforms procedural, transfer pricing and settlement time limits with specified applicability dates.
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Direct tax amendments expand definitions, clarify deemed source income, and revise rates, exemptions and compliance rules.
The Finance Act, 2007 enacts broad amendments to direct tax law: it prescribes income tax and withholding rates with surcharge and cess mechanics; expands the definitions of Assessing Officer and India; inserts an Explanation to treat certain income as deemed to accrue in India irrespective of territorial nexus; widens capital asset scope to include works of art; creates new targeted exemptions and sectoral deductions; confines SEZ benefits to new units; revises deduction and valuation rules (notably for research, health premiums, co operative banks and ESOPs/FBT); strengthens anti evasion, audit and penalty provisions in search matters; and reforms procedural, transfer pricing and settlement time limits with specified applicability dates.
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