Income Tax amendments proposed in the Budget 2007

            General observations:

1. As in the previous year, there are not many changes. However this could be due to possible introduction of a new tax code in near future.
    

2. There has been a marginal increase in tax rates.
    

3. Some changes propose to undo what court decisions have decided. This has been the trend for the past few years. If any view is sought to be taken by the tax payer which is different from the intention, the government amends the law with retrospective effect.

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