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Finance (No. 2) Act 2009 Complete Act

Title: Finance (No. 2) Act 2009

State: Central

Year: 2009

.....FINANCE (No. 2) ACT, 2009 Chapter I Section1 - Short title and commencement Chapter II Section2 - Income-tax Chapter III Section3 - Amendment of section 2 Section4 - Amendment of section 10 Section5 - Amendment of section 10A Section6 - Amendment of section 10AA Section7 - Amendment of section 10B Section8 - Insertion of new section 13B Section9 - Amendment of section 17 Section10 - Amendment of section 28 Section11 - Amendment of section 32 Section12 - Amendment of section 35 Section13 - Insertion of new section 35AD Section14 - Amendment of section 36 Section15 - Amendment of section 40 Section16 - Amendment of section 40A Section17 - Amendment of section 43 Section18 - Amendment of section 44AA Section19 - Amendment of section 44AB Section20 - Substitution of new section for section 44AD Section21 - Amendment of section 44AE Section22 - Amendment of section 44AF Section23 - Amendment of section 49 Section24 - Amendment of section 50B Section25 - Amendment of section 50C Section26 - Amendment of section 56 Section27 - Amendment of section 57 Section28 - Insertion of new section 73A Section29 - Amendment of section 80A Section30 - Amendment of.....

Finance (No. 2) Act 2009 Preamble 1

Title: Finance (No. 2) Act, 2009

State: Central

Year: 2009

THE FINANCE (No. 2) ACT, 2009 [Act No. 33 of 2009] [19th August, 2009] PREAMBLE An Act to give effect to the financial proposals of the Central Government for the financial year 2009-2010. Be it enacted by Parliament in the Sixtieth Year of the Republic of India as follows:--

Finance (No. 2) Act 2009 Section 115

Title: Amendment of Chapter Vll of Finance (No. 2) Act, 2004

State: Central

Year: 2009

In Chapter VII of the Finance (No. 2) Act, 2004 (23 of 2004), after section 113, the following section shall be inserted with effect from the 1st day of October, 2009, namely:-- "113A. Chapter VII not to apply in certain cases.-- Notwithstanding anything contained in this Chapter, the provisions of this Chapter shall not apply to taxable securities transactions entered into by any person for, or on behalf of, the New Pension System Trust referred to in clause (44) of section 10 of the Income-tax Act, 1961 (43 of 1961).".

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 Chapter IV

Title: Indirect Taxes

State: Central

Year: 2009

.....this section as they apply in relation to duties leviable under that Act.". Section 96 - Validation of certain actions taken under section 8B of Act 51 of 1975 Any action taken or anything done or omitted to be done or purported to have been taken or done or omitted to be done under any rule, regulation, notification or order made or issued under the Customs Act, or any notification or order issued under such rule or regulation at any time during the period commencing on and from the 14th day of May, 1997 and ending with the day, the Finance (No. 2) Bill, 2009 receives the assent of the President shall be deemed to be, and to have always been, for all purposes, as validly and effectively taken or done or omitted to be done as if the amendment made in section 8B of the Customs Tariff Act by section 95 of Finance (No. 2) Act, 2009 had been in force at all material times and accordingly, notwithstanding anything contained in any judgment, decree or order of any court, tribunal or other authority,-- (a) any action taken or anything done or omitted to be done, during the said period in respect of any goods, under any such rule, regulation, notification or order, shall be.....

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 V

Title: Service Tax

State: Central

Year: 2009

.....in the Ministry of Finance (Department of Revenue) No. G.S.R. 10(E), dated the 5th January, 2009, issued in exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994), granting exemption from the whole of service tax leviable under section 66 to any person providing specified taxable services to goods transport agency, shall be deemed to have, and to always have, for all purposes, validly come into force on and from the 1st day of January, 2005, at all material times. (2) Refund shall be made of all such service tax which has been collected but which would not have been so collected as if the notification referred to in subsection (1) had been in force at all material times. (3) Notwithstanding anything contained in the Finance Act, 1994 (32 of 1994), an application for the claim of refund of service tax shall be made within six months from the date on which the Finance (No. 2) Bill, 2009 receives the assent of the President. Explanation.-- For the removal of doubts, it is hereby declared that the provisions of section 11B of the Central Excise Act, 1944 (1 of 1994), shall be applicable in case of refunds under this section. .....

Finance (No. 2) Act 2009 Section 113

Title: Amendment of Act 32 of 1994

State: Central

Year: 2009

.....in the Ministry of Finance (Department of Revenue) No. G.S.R. 10(E), dated the 5th January, 2009, issued in exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994), granting exemption from the whole of service tax leviable under section 66 to any person providing specified taxable services to goods transport agency, shall be deemed to have, and to always have, for all purposes, validly come into force on and from the 1st day of January, 2005, at all material times. (2) Refund shall be made of all such service tax which has been collected but which would not have been so collected as if the notification referred to in subsection (1) had been in force at all material times. (3) Notwithstanding anything contained in the Finance Act, 1994 (32 of 1994), an application for the claim of refund of service tax shall be made within six months from the date on which the Finance (No. 2) Bill, 2009 receives the assent of the President. Explanation.-- For the removal of doubts, it is hereby declared that the provisions of section 11B of the Central Excise Act, 1944 (1 of 1994), shall be applicable in case of refunds under this section. .....

Finance (No. 2) Act 2009 Section 96

Title: Validation of Certain Actions Taken Under Section 8b of Act 51 of 1975

State: Central

Year: 2009

.....been, for all purposes, as validly and effectively taken or done or omitted to be done as if the amendment made in section 8B of the Customs Tariff Act by section 95 of Finance (No. 2) Act, 2009 had been in force at all material times and accordingly, notwithstanding anything contained in any judgment, decree or order of any court, tribunal or other authority,-- (a) any action taken or anything done or omitted to be done, during the said period in respect of any goods, under any such rule, regulation, notification or order, shall be deemed to be and shall be deemed always to have been, as validly taken or done or omitted to be done as if the amendment made by the said section had been in force at all material times; (b) no suit or other proceedings shall be maintained or continued in any court, tribunal or other authority for any action taken or anything done or omitted to be done, in respect of any goods, under any such rule, regulation, notification or order, and no enforcement shall be made by any court, of any decree or order relating to such action taken or anything done or omitted to be done as if the amendment made by the said section had been in force at all material.....

Finance (No. 2) Act 2009 Section 98

Title: Validation of Certain Actions Taken Under Section 8c of Act 51 of 1975

State: Central

Year: 2009

.....been, for all purposes, as validly and effectively taken or done or omitted to be done as if the amendment made in section 8C of the Customs Tariff Act by section 97 of the Finance (No. 2) Act, 2009 had been in force at all material times and accordingly, notwithstanding anything contained in any judgment, decree or order of any court, tribunal or other authority,-- (a) any action taken or anything done or omitted to be done, during the said period in respect of any goods, under any such rule, regulation, notification or order, shall be deemed to be and shall be deemed always to have been, as validly taken or done or omitted to be done as if the amendment made by the said section had been in force at all material times; (b) no suit or other proceedings shall be maintained or continued in any court, tribunal or other authority for any action taken or anything done or omitted to be done, in respect of any goods, under any such rule, regulation, notification or order, and no enforcement shall be made by any court, of any decree or order relating to such action taken or anything done or omitted to be done as if the amendment made by the said section had been in force at all.....