Income tax amendments widen sectoral incentives and recast reorganisations, withholding and return processing obligations. The Finance Act, 1999 overhauls direct tax law by setting rates and TDS/TCS rules for 1999-2000, creating and revising targeted exemptions and incentives (tax holidays, export and infrastructure benefits, venture capital and commodity board exemptions, Gold Deposit Bonds), defining tax treatment of stock options, insurance compensation, buy backs, slump sales, demergers and amalgamations, and streamlining administration through return processing reform, appellate time limits, computerised TCS returns and revised compliance obligations.
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Income tax amendments widen sectoral incentives and recast reorganisations, withholding and return processing obligations.
The Finance Act, 1999 overhauls direct tax law by setting rates and TDS/TCS rules for 1999-2000, creating and revising targeted exemptions and incentives (tax holidays, export and infrastructure benefits, venture capital and commodity board exemptions, Gold Deposit Bonds), defining tax treatment of stock options, insurance compensation, buy backs, slump sales, demergers and amalgamations, and streamlining administration through return processing reform, appellate time limits, computerised TCS returns and revised compliance obligations.
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