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of <h1>Finance Act 2022 Amends Income-tax Act 1961: New Tax Rates, Virtual Assets Taxation, Updated Procedures, and TDS Changes.</h1> The Finance Act, 2022 introduces several amendments to the Income-tax Act, 1961, focusing on direct taxes. Key changes include revised definitions and procedures for tax exemptions, deductions, and assessments. It specifies tax rates for various entities and introduces new provisions for virtual digital assets taxation. Amendments address the taxation of charitable trusts, rationalize provisions for co-operative societies, and introduce updated return filing procedures. The Act also modifies provisions related to strategic disinvestment, loss set-off in search cases, and incentives for National Pension System subscribers. Additional changes include adjustments to TDS regulations, faceless assessment procedures, and provisions for dispute resolution and litigation management.
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