Surcharge and strengthened withholding rules reshape tax withholding, collection at source and presumptive taxation obligations. Finance Act, 1988 prescribes income tax rates for assessment year 1988-89 and introduces a uniform surcharge on income tax, TDS and TCS for taxpayers above a threshold, standardises withholding rates (including on lottery winnings), creates a presumptive taxation and tax collection at source regime for traders in specified goods, omits Interest on Securities as a separate head, and enacts multiple compliance, anti avoidance and incentive amendments including a tax holiday for approved hundred percent export oriented units and revised audit and provisional attachment procedures.
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Surcharge and strengthened withholding rules reshape tax withholding, collection at source and presumptive taxation obligations.
Finance Act, 1988 prescribes income tax rates for assessment year 1988-89 and introduces a uniform surcharge on income tax, TDS and TCS for taxpayers above a threshold, standardises withholding rates (including on lottery winnings), creates a presumptive taxation and tax collection at source regime for traders in specified goods, omits Interest on Securities as a separate head, and enacts multiple compliance, anti avoidance and incentive amendments including a tax holiday for approved hundred percent export oriented units and revised audit and provisional attachment procedures.
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