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of <h1>Finance Act 1989: Maintains Income Tax Rates, Introduces Surcharges, Extends Tax Laws to Sikkim, Modifies Tax Deductions.</h1> The Finance Act of 1989 outlines various amendments and provisions related to income tax, wealth tax, and other financial regulations for the assessment year 1989-90. Key points include maintaining the same income tax rates as the previous year, introducing surcharges for incomes over fifty thousand rupees, and specifying tax deduction rates at source. Amendments address issues such as capital gains from agricultural land, incentives for venture capital, and tax concessions for retiring government employees. The Act also extends direct tax laws to Sikkim and modifies provisions for venture capital companies, poultry farming, and tax deductions for the handicapped. Additionally, it clarifies the tax treatment of book profits and extends certain tax laws to the State of Sikkim.
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