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of <h1>Finance Act 2008: New Income Tax Rates, Expanded Definitions, Tax Exemptions, and Revised TDS Provisions.</h1> The Finance Act, 2008, introduced several amendments related to direct taxes, effective from various dates. Key changes include revised income tax rates for different entities, expanded definitions of 'agricultural income' and 'charitable purpose,' and tax exemptions for specific groups and entities like Sikkimese individuals and the Coir Board. The Act also extends the deduction period for export-oriented undertakings, introduces weighted deductions for scientific research, and revises provisions for tax deductions at source (TDS). Additionally, the Act addresses issues related to reverse mortgages, foreign currency exchangeable bonds, and fringe benefit tax, among others, with the aim of streamlining tax processes and closing loopholes.
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