https://www.taxtmi.com/circulars?id=4152 The Finance Act, 2007 enacts broad amendments to direct tax law: it prescribes income tax and withholding rates with surcharge and cess mechanics; expands the definitions of Assessing Officer and India; inserts an Explanation to treat certain income as deemed to accrue in India irrespective of territorial nexus; widens capital asset scope to include works of art; creates new targeted exemptions and sectoral deductions; confines SEZ benefits to new units; revises deduction and valuation rules (notably for research, health premiums, co operative banks and ESOPs/FBT); strengthens anti evasion, audit and penalty provisions in search matters; and reforms procedural, transfer pricing and settlement time limits with specified applicability dates. en-us Wed, 12 Mar 2008 00:00:00 +0530 Tue, 15 Jul 2008 10:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=4152 The Finance Act, 2007 enacts broad amendments to direct tax law: it prescribes income tax and withholding rates with surcharge and cess mechanics; expands the definitions of Assessing Officer and India; inserts an Explanation to treat certain income as deemed to accrue in India irrespective of territorial nexus; widens capital asset scope to include works of art; creates new targeted exemptions and sectoral deductions; confines SEZ benefits to new units; revises deduction and valuation rules (notably for research, health premiums, co operative banks and ESOPs/FBT); strengthens anti evasion, audit and penalty provisions in search matters; and reforms procedural, transfer pricing and settlement time limits with specified applicability dates. Circulars Income Tax Wed, 12 Mar 2008 00:00:00 +0530 https://www.taxtmi.com/circulars?id=4152