Income-tax rate revisions and surcharge changes impose revised tax scales and restrict company deductions under new rules. Comprehensive amendments revise income-tax slabs, surcharge computation and withholding rates, redefine key taxpayer categories and agricultural income rules, restrict and reorder entitlement to specified deductions for companies through a seventy per cent pre-incentive cap with carry-forward for disallowed amounts, introduce a special tax Chapter for non-resident Indians covering investment income and long-term capital gains on foreign exchange assets, and revive wealth-tax on closely-held companies while modifying compliance, timing and certificate requirements across deduction and exemption provisions.
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Provisions expressly mentioned in the judgment/order text.
Income-tax rate revisions and surcharge changes impose revised tax scales and restrict company deductions under new rules.
Comprehensive amendments revise income-tax slabs, surcharge computation and withholding rates, redefine key taxpayer categories and agricultural income rules, restrict and reorder entitlement to specified deductions for companies through a seventy per cent pre-incentive cap with carry-forward for disallowed amounts, introduce a special tax Chapter for non-resident Indians covering investment income and long-term capital gains on foreign exchange assets, and revive wealth-tax on closely-held companies while modifying compliance, timing and certificate requirements across deduction and exemption provisions.
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