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of <h1>Tax Circular Updates: Reduced Rates for Lotteries, New Definitions, and Transfer Pricing Rules for 2001-2002.</h1> The circular outlines the tax and TDS rates for the assessment year 2001-2002, maintaining the same rates as the previous year, with a reduction in tax rates for winnings from lotteries and horse races. It introduces amendments to the Income-tax Act, including defining electronic records as 'books of account' and 'documents,' clarifying definitions of 'lottery' and 'card games,' and expanding the definition of 'royalty.' It extends tax exemptions to voluntary retirement scheme amounts for government employees and introduces a sunset clause for external commercial borrowings. The circular also addresses the rationalization of tax rates, exemptions, and deductions for various sectors, including infrastructure, power, and telecommunications, and introduces measures to curb tax avoidance through transfer pricing regulations and short-term loss creation in securities.
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