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Taxation Laws Bill amended
July, 15th 2006

The President, Mr A.P.J. Abdul Kalam, has given his assent to the Taxation Laws (Amendment) Bill 2006. This law, which has become operational from Friday, the 14th July, 2006 seeks to, among other things, streamline the approval and monitoring process for certain charitable entities and scientific research associations. It also requires certain charitable entities with aggregate annual receipts below Rs 1 crore to file income-tax returns.

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