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Finance (No. 2) Act 2009 Chapter III

Title: Direct Taxes

State: Central

Year: 2009

.....For the purposes of this sub-clause,-- (a) "specified security" means the securities as defined in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956) and, where employees' stock option has been granted under any plan or scheme therefor, includes the securities offered under such plan or scheme; (b) "sweat equity shares" means equity shares issued by a company to its employees or directors at a discount or for consideration other than cash for providing know-how or making available rights in the nature of intellectual property rights or value additions, by whatever name called; (c) the value of any specified security or sweat equity shares shall be the fair market value of the specified security or sweat equity shares, as the case may be, on the date on which the option is exercised by the assessee as reduced by the amount actually paid by, or recovered from, the assessee in respect of such security or shares; (d) "fair market value" means the value determined in accordance with the method as may be prescribed; (e) "option" means a right but not an obligation granted to an employee to apply for the specified security or sweat equity.....

Finance (No.2) Act, 2009 Complete Act

State: Central

Year: 2009

.....Parliament in the Sixtieth Year of the Republic of India as follows CHAPTER 1: Preliminary: Section 1: Short title and commencement: (1) This Act may be called the Finance (No. 2) Act, 2009. (2) Save as otherwise provided in this Act, sections 2 to 83 shall be deemed to have come into force on the 1st day of April, 2009. CHAPTER 2: RATES OF INCOME-TAX SECTION 2: Income-tax: (1) Subject to the provisions of sub-sections (2) and (3), for the assessment year commencing on the 1st day of April, 2009, income-tax shall be charged at the rates specified in Part I of the First Schedule and such tax shall be increased by a surcharge, for purposes of the Union, calculated in each case in the manner provided therein. (2) In the cases to which Paragraph A of Part I of the First Schedule applies, where the assessee has, in the previous year, any net agricultural income exceeding five thousand rupees, in addition to total income, and the total income exceeds one lakh fifty thousand rupees, then,- (a) the net agricultural income shall be taken into account, in the manner provided in clause (b) [that is to say, as if the net agricultural income were comprised in the total income.....

Finance (No. 2) Act 2009 Section 44

Title: Amendment of Section 115ja

State: Central

Year: 2009

In section 115 JA of the Income-tax Act, in sub-section (2), after the second proviso, in the Explanation, after clause (f), for the words, brackets and letters "if any amount referred to in clauses (a) to (f) is debited to the profit and loss account, and as reduced by,--" the following shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 1998, namely:-- "(g) the amount or amounts set aside as provision for diminution in the value of any asset, if any amount referred to in clauses (a) to (g) is debited to the profit and loss account, and as reduced by,--".

Finance (No. 2) Act 2009 Section 46

Title: Amendment of Section 115jb

State: Central

Year: 2009

In section 115JB of the Income-tax Act,-- (a) in sub-section (1), with effect from the 1st day of April, 2010,-- (i) for the words, figures and letters "the 1st day of April, 2007", the words, figures and letters "the 1st day of April, 2010" shall be substituted; (ii) for the words "ten per cent.", at both the places where they occur, the words "fifteen per cent." shall be substituted; (b) in sub-section (2), after the second proviso, in Explanation 1, after clause (h), for the words, brackets and letters "if any amount referred to in clauses (a) to (h) is debited to the profit and loss account, and as reduced by--", the following shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2001, namely:-- "(i) the amount or amounts set aside as provision for diminution in the value of any asset, if any amount referred to in clauses (a) to (i) is debited to the profit and loss account, and as reduced by,--".

Finance (No. 2) Act 2009 Section 80

Title: Amendment of First Schedule

State: Central

Year: 2009

.....the words "Controller of Insurance,", the following shall be substituted with effect from the 1st day of April, 2011, namely:-- "profit before tax and appropriations as disclosed in the profit and loss account prepared in accordance with the provisions of the Insurance Act, 1938 (4 of 1938) or the rules made thereunder or the provisions of the Insurance Regulatory and Development Authority Act, 1999 ((4 of 1999)) or the regulations made thereunder,"; (ii) after clause (a), the following clause shall be inserted with effect from the 1st day of April, 2011, namely:-- "(b) (i) deduction in respect of any amount either written off or provided in the accounts to meet diminution in or loss on realisation of investments in accordance with the regulations made by the Insurance Regulatory and Development Authority; (ii) increase in respect of any amount taken credit for in the accounts on account of appreciation of or gains on realisation of investments in accordance with the regulations made by the Insurance Regulatory and Development Authority;".