Tax rate restructuring: Finance Act revises income tax rates, expands TDS scope, and introduces estimation schemes and exemptions The Finance Act, 1994 revises income tax rates and surcharge treatment, standardises uniform withholding rates for specified nonresident incomes, expands TDS to rent and contractor sub contracts, and alters advance tax instalments and interest for shortfall. It creates new senior income tax authorities, makes certain 143 intimations appealable, and prescribes earlier company return dates. Substantive changes include reduced holding periods for securities and mutual funds for long term capital gains, estimated income schemes for construction and truck businesses, targeted tax holidays and expanded exemptions and deductions for select sectors and beneficiaries.
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Tax rate restructuring: Finance Act revises income tax rates, expands TDS scope, and introduces estimation schemes and exemptions
The Finance Act, 1994 revises income tax rates and surcharge treatment, standardises uniform withholding rates for specified nonresident incomes, expands TDS to rent and contractor sub contracts, and alters advance tax instalments and interest for shortfall. It creates new senior income tax authorities, makes certain 143 intimations appealable, and prescribes earlier company return dates. Substantive changes include reduced holding periods for securities and mutual funds for long term capital gains, estimated income schemes for construction and truck businesses, targeted tax holidays and expanded exemptions and deductions for select sectors and beneficiaries.
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