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of <h1>Finance Act 1988: 5% Surcharge on High Incomes, Tax Incentives for Exporters, New Compliance Rules, Drought Relief Support.</h1> The Finance Act, 1988 outlines the tax rates and amendments applicable for the assessment year 1988-89. The income tax rates remain unchanged from the previous year, with a 5% surcharge on incomes exceeding fifty thousand rupees, excluding non-residents. Tax deduction at source rates have been specified for various income types, with a uniform 40% rate for winnings from lotteries and races. Amendments include changes to the treatment of interest on securities, exemptions for diplomatic personnel, and tax incentives for mutual funds and exporters. New provisions address tax avoidance strategies and enhance compliance requirements. Additionally, modifications to wealth tax and expenditure tax laws are introduced, alongside measures to support drought relief efforts.
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