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of <h1>Finance Act 2007: Key Tax Law Changes Include New Definitions, Exemptions, and Incentives for Economic Growth.</h1> The Finance Act, 2007, introduced significant amendments to India's direct tax laws. Key changes include revised definitions for tax authorities, expanded definitions of capital assets, and a new definition of India for tax purposes. The Act also introduced exemptions for certain disaster compensations and interest on specified bonds. Tax incentives were extended to Special Economic Zones, cooperative banks, and infrastructure projects. The Act also rationalized provisions related to tax deductions, penalties, and fringe benefit tax. Amendments were made to the Settlement Commission's procedures, and new rules for tax deduction at source were established. The Act aimed to streamline tax administration, enhance compliance, and promote economic growth.
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