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of <h1>Finance Act 2009: Changes to Income Tax Rates, LLP Taxation, SEZ Profits, and Abolishment of Commodity Tax.</h1> The Finance (No. 2) Act, 2009 introduces several amendments to the Income-tax Act, 1961, and other related laws. Key changes include adjustments to income tax rates for various entities, amendments to definitions such as 'manufacture,' and provisions for the taxation of Limited Liability Partnerships (LLPs). The Act also extends deadlines for certain tax exemptions, introduces investment-linked tax incentives, and clarifies the computation of profits for Special Economic Zones (SEZs). Additionally, it addresses the treatment of anonymous donations, rationalizes Tax Deduction at Source (TDS) provisions, and abolishes the Commodity Transaction Tax. The amendments aim to streamline tax administration, enhance compliance, and provide clarity on various tax-related issues.
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