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The
provisions in the Finance Bill, 1999, in the sphere of direct taxes, relate
to the following matters: -
- Prescribing
the rates of income-tax on incomes liable to tax for the assessment
year 1999-2000; the rates at which tax including the surcharge will
be deductible at source during the financial year 1999-2002 from interest
(including interest on securities), winnings from lotteries or crossword
puzzles, winnings from horse races, and other categories of income liable
to deduction of tax at source under the Income-tax on current incomes
in certain cases for the financial year 1999-2000.
- Amendment
of the Income-tax Act, 1961, inter-alia with a view to promoting housing,
providing incentives for infrastructure development, industrialisation,
rationalisation of certain provisions, giving impetus to business reorganisations
for the revival and growth of Indian industry, expanding the tax base
and providing for assessee friendly and welfare measures.
The
substances of the main provisions in the Bill relating to direct taxes
in explained in the following :
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