Tax reform: expanded targeted exemptions, new advance rulings authority for non resident transactions and investor incentives. The Act prescribes income tax and withholding rates for the 1993-94 assessment year, preserves and narrows surcharge application, introduces new provisions for Foreign Institutional Investors and non resident technicians, and establishes an Authority for Advance Rulings for non resident transactions with defined composition, procedure and binding limited effect. It expands targeted exemptions and tax holidays (including software parks, backward state undertakings and power projects), increases individual reliefs and research incentives, revises withholding coverage for capital gains and strengthens procedural, valuation and penalty approval rules.
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Tax reform: expanded targeted exemptions, new advance rulings authority for non resident transactions and investor incentives.
The Act prescribes income tax and withholding rates for the 1993-94 assessment year, preserves and narrows surcharge application, introduces new provisions for Foreign Institutional Investors and non resident technicians, and establishes an Authority for Advance Rulings for non resident transactions with defined composition, procedure and binding limited effect. It expands targeted exemptions and tax holidays (including software parks, backward state undertakings and power projects), increases individual reliefs and research incentives, revises withholding coverage for capital gains and strengthens procedural, valuation and penalty approval rules.
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