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The Punjab Tax on Luxuries Act, 2009 Complete Act

State: Punjab

Year: 2009

.....the assent of the Governor of Punjab on the 24 th March, 2009 and is hereby published for general information :- THE PUNJAB TAX ON LUXURIES ACT, 2009 (Punjab Act No. 4 of 2009) A N ACT to provide for the levy and collection of tax on luxuries and for the matters connected therewith and incidental thereto. Be it enacted by the Legislature of the State of Punjab in the Sixtieth Year of Republic of India as follows:- Short title and commencement. 1. (1) This Act may be called the Punjab Tax on Luxuries Act, 2009. (2) It shall come into force at once. CHAPTER-I PRELIMINARY Definitions. 2. In this Act, unless the context otherwise requires,- (a) "assessing authority" means an officer, appointed as such, by the State Government by notification in the Official Gazette to make an assessment under this Act; (b) "banquet hall" means any premises, garden or farm house, marriage palace or any part thereof, where accommodation or space is let out for a monetary consideration for marriages, receptions, conventions, banquets, kitty-parties, meetings or exhibitions for sale of goods or for arranging functions or events whether on regular or periodical or.....

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 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.....

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.....