Tax rate structure and compliance reforms: revised rates, TDS rationalisation, LLP tax alignment and new dispute resolution measures. The Act prescribes revised income tax and TDS/advance tax rates with surcharge and education cess treatments, aligns LLP taxation with partnership law, defines 'manufacture', empowers scheduled banks to issue zero coupon bonds, and introduces a 100% capital expenditure investment linked deduction for specified infrastructure businesses with restricted set off and consequential asset valuation changes. It broadens anti abuse rules (e.g., property received without adequate consideration treated as income), rationalizes TDS (including mandatory PAN and computerized processing), clarifies transfer pricing methodology and introduces a Dispute Resolution Panel and procedural modernizations such as DIN and electronic service.
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Tax rate structure and compliance reforms: revised rates, TDS rationalisation, LLP tax alignment and new dispute resolution measures.
The Act prescribes revised income tax and TDS/advance tax rates with surcharge and education cess treatments, aligns LLP taxation with partnership law, defines "manufacture", empowers scheduled banks to issue zero coupon bonds, and introduces a 100% capital expenditure investment linked deduction for specified infrastructure businesses with restricted set off and consequential asset valuation changes. It broadens anti abuse rules (e.g., property received without adequate consideration treated as income), rationalizes TDS (including mandatory PAN and computerized processing), clarifies transfer pricing methodology and introduces a Dispute Resolution Panel and procedural modernizations such as DIN and electronic service.
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