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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 Chapter II

Title: Rates of Income-tax

State: Central

Year: 2009

.....of the total income. (3) In cases to which the provisions of Chapter XII or Chapter XII-A or Chapter XII-H or section 115JB or sub-section (1A) of section 161 or section 164 or section 164A or section 167B of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the Income-tax Act) apply, the tax chargeable shall be determined as provided in that Chapter or that section, and with reference to the rates imposed by sub-section (1) or the rates as specified in that Chapter or section, as the case may be: Provided that the amount of income-tax computed in accordance with the provisions of section 111A or section 112 shall be increased by a surcharge, for purposes of the Union, as provided in Paragraph A, B, C, D or E, as the case may be, of Part I of the First Schedule: Provided further that in respect of any income chargeable to tax under sections 115A, 115AB, 115AC, 115ACA, 115AD, 115B, 115BB, 115BBA, 115BBC, 115E and 115JB or fringe benefits chargeable to tax under section 115WA of the Income-tax Act, the amount of income-tax computed under this sub-section shall be increased by a surcharge, for purposes of the Union, calculated,-- (a) in the case of every.....

Finance (No. 2) Act 2009 Section 2

Title: Income-tax

State: Central

Year: 2009

.....of the total income. (3) In cases to which the provisions of Chapter XII or Chapter XII-A or Chapter XII-H or section 115JB or sub-section (1A) of section 161 or section 164 or section 164A or section 167B of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the Income-tax Act) apply, the tax chargeable shall be determined as provided in that Chapter or that section, and with reference to the rates imposed by sub-section (1) or the rates as specified in that Chapter or section, as the case may be: Provided that the amount of income-tax computed in accordance with the provisions of section 111A or section 112 shall be increased by a surcharge, for purposes of the Union, as provided in Paragraph A, B, C, D or E, as the case may be, of Part I of the First Schedule: Provided further that in respect of any income chargeable to tax under sections 115A, 115AB, 115AC, 115ACA, 115AD, 115B, 115BB, 115BBA, 115BBC, 115E and 115JB or fringe benefits chargeable to tax under section 115WA of the Income-tax Act, the amount of income-tax computed under this sub-section shall be increased by a surcharge, for purposes of the Union, calculated,-- (a) in the case of every.....

Finance (No. 2) Act 2009 Schedule I

Title: First Schedule

State: Central

Year: 2009

.....any debentures issued by a company where such debentures are listed on a recognised stock exchange in India in accordance with the Securities Contracts (Regulation) Act, 1956 (42 of 1956) and any rules made thereunder; (C) any security of the Central or State Government (vi) on any other income 10 per cent.; (b) where the person is not resident in India-- (i) in the case of a non-resident Indian-- (A) on any investment income 20 per cent.; (B) on income by way of long-term capital gains referred to in section 115E 10 per cent.; (C) on income by way of short-term capital gains referred to in section 111A 15 percent.; (D) on other income by way of long-term capital gains [not being long-term capital gains referred to in clauses (33), (36) and (35) of section 10] 20 per cent.; (E) on income by way of interest payable by Government, or an Indian concern on moneys borrowed or debt incurred by Government or the Indian concern in foreign currency 20 per cent.; (F) on income by way of royalty.....

Finance Act 2009 Section 2

Title: Income Tax

State: Central

Year: 2009

.....year relevant to the assessment year commencing on the 1st day of April, 2010."; (B) for sub-rule (4), the following sub-rule shall be substituted, namely: "(4) Notwithstanding anything contained in this rule, no loss which has not been determined by the Assessing Officer under the provisions of these rules or the rules contained in Part IV of the First Schedule to the Finance Act, 2001 (14 of 2001), or of the First Schedule to the Finance Act, 2002 (20 of 2002), or of the First Schedule to the Finance Act, 2003 (32 of 2003), or of the First Schedule to the Finance (No. 2) Act, 2004 (23 of 2004), or of the First Schedule to the Finance Act, 2005 (18 of 2005), or of the First Schedule to the Finance Act, 2006 (21 of 2006), or of the First Schedule to the Finance Act, 2007 (22 of 2007), or of the First Schedule to the Finance Act, 2008 (18 of 2008) shall be set off under sub-rule (1) or, as the case may be, sub-rule (2).".] ___________________________ 1. Section 2 to be effective from 01.04.2009.

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 Section 47

Title: Amendment of Section 115-o

State: Central

Year: 2009

In section 115-O of the Income-tax Act, for sub-section (1A), the following shall be substituted, namely:-- "(1A) The amount referred to in sub-section (1) shall be reduced by,-- (i) the amount of dividend, if any, received by the domestic company during the financial year, if-- (a) such dividend is received from its subsidiary; (b) the subsidiary has paid tax under this section on such dividend; and (c) the domestic company is not a subsidiary of any other company: Provided that the same amount of dividend shall not be taken into account for reduction more than once; (ii) the amount of dividend, if any, paid to any person for, or on behalf of, the New Pension System Trust referred to in clause (44) of section 10. Explanation.-- For the purposes of this sub-section, a company shall be a subsidiary of another company, if such other company, holds more than half in nominal value of the equity share capital of the company."

The Mizoram Municipalities (Amendment) Act, 2009 Complete Act

State: Mizoram

Year: 2009

.....MIZORAM MUNICIPALITIES (AMENDMENT) ACT, 2009 [Act No. 14 of 2009] [09th November, 2009] PREAMBLE An Act to amend the Mizoram Municipalities Act, 2007 (Act No. 6 of 2007) (hereinafter referred to as the Principal Act). It is enacted by Legislative Assembly of Mizoram in the Sixtieth year of the Republic of India as follows.- Section 1 - Short title, Extent And Commencement (1) These Act shall be called the Mizoram Municipalities (Amendment) Act, 2009. (2) It shall have like extent as the Principal Act. (3) It shall come into force from the date of publication in the Official Gazette. Section 2 - Amendment of Section 2 (1) In section 2 of the Principal Act, after sub-section (18), a new sub-section (18-A) may be added, namely.- "(18-A)"Director of Local Bodies" means an officer of the State Government not below the rank of Secretary designated as such by the State Government by Notification." (2) In section 2 of the Principal Act, after sub-section (48) a new sub-section (48-A) shall be added, namely.- "(48-A)"Population" means the population as ascertained at the last preceding census of which the relevant figures have been published." Section 3 -.....

Finance (No. 2) Act 2009 Section 40

Title: Substitution of New Section for Section 90

State: Central

Year: 2009

For section 90 of the Income-tax Act, the following section shall be substituted with effect from the 1st day of October, 2009, namely :-- '90. Agreement with foreign countries or specified territories.-- (1) The Central Government may enter into an agreement with the Government of any country outside India or specified territory outside India,-- (a) for the granting of relief in respect of-- (i) income on which have been paid both income-tax under this Act and income-tax in that country or specified territory, as the case may be, or (ii) income-tax chargeable under this Act and under the corresponding law in force in that country or specified territory, as the case may be, to promote mutual economic relations, trade and investment, or (b) for the avoidance of double taxation of income under this Act and under the corresponding law in force in that country or specified territory, as the case may be, or (c) for exchange of information for the prevention of evasion or avoidance of income-tax chargeable under this Act or under the corresponding law in force in that country or specified territory, as the case may be, or investigation of cases of such evasion or.....

The Mizoram Fiscal Responsibility and Budget Management (Amendment) Act, 2009 Complete Act

State: Mizoram

Year: 2009

..... [Received the assent of the Governor of Mizoram on 21st July, 2009] An Act to amend the Mizoram Fiscal Responsibility and Budget Management Act, 2006 (Act No. 7 of 2006) (hereinafter referred to as the Principal Act) It is enacted by the Mizoram Legislative Assembly in the Sixtieth Year of the Republic of India as follows : 1. Short title, extent and commencement (1) This Act may be called the Mizoram Fiscal Responsibility and Budget Management (Amendment) Act, 2009. (2) It shall come into force on such date as State Government may by Notification in the official Gazette, appoint in this behalf. 2. Amendment of Section 6. For sub-section (2) of section 6 of the Principal Act, the following shall be substituted, namely:- "(2) Reduce fiscal deficit to 3 per cent of the estimated Gross State Domestic Product by 2009-10" 3. Insertion of new sub-section In section 7 of the Principal Act after sub-section (2), a new subsection (3) shall be inserted, namely:- "(3) The State Government shall prepare and bring out a Statement showing assets of the Government and lay the same in the Legislative Assembly along with other budget documents." 4. Amendment of.....