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Start Free TrialFinance (No. 2) Act 2009 Section 50
Title: Amendment of Section 131
State: Central
Year: 2009
In section 131 of the Income-tax Act, in sub-section (1), for the words "and Chief Commissioner or Commissioner", the words", Chief Commissioner or Commissioner and the Dispute Resolution Panel referred to in clause (a) of sub-section (15) of section 144C" shall be substituted with effect from the 1st day of October, 2009.
View Complete Act List Judgments citing this sectionFinance (No. 2) Act 2009 Section 58
Title: Amendment of Section 147
State: Central
Year: 2009
In section 147 of the Income-tax Act, after Explanation 2, the following Explanation shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 1989, namely:-- "Explanation 3.--For the purpose of assessment or reassessment under this section, the Assessing Officer may assess or reassess the income in respect of any issue, which has escaped assessment, and such issue comes to his notice subsequently in the course of the proceedings under this section, notwithstanding that the reasons for such issue have not been included in the reasons recorded under sub-section (2) of section 148.".
View Complete Act List Judgments citing this sectionFinance (No. 2) Act 2009 Section 65
Title: Insertion of New Section 200a
State: Central
Year: 2009
.....or the amount of refund due to, the deductor shall be determined after adjustment of amount computed under clause (b) against any amount paid under section 200 and section 201, and any amount paid otherwise by way of tax or interest; (d) an intimation shall be prepared or generated and sent to the deductor specifying the sum determined to be payable by, or the amount of refund due to, him under clause (c); and (e) the amount of refund due to the deductor in pursuance of the determination under clause (c) shall be granted to the deductor: Provided that no intimation under this sub-section shall be sent after the expiry of one year from the end of the financial year in which the statement is filed. Explanation.--For the purposes of this sub-section, "an incorrect claim apparent from any information in the statement" shall mean a claim, on the basis of an entry, in the statement-- (i) of an item, which is inconsistent with another entry of the same or some other item in such statement; (ii) in respect of rate of deduction of tax at source, where such rate is not in accordance with the provisions of this Act. (2) For the purposes of processing of statements under.....
View Complete Act List Judgments citing this sectionFinance (No. 2) Act 2009 Section 64
Title: Amendment of Section 200
State: Central
Year: 2009
In section 200 of the Income-tax Act, in sub-section (3), for the words, figures and letters "prepare quarterly statements for the period ending on the 30th June, the 30th September, the 31st December and the 31st March in each financial year", the words "prepare such statements for such period as may be prescribed" shall be substituted with effect from the 1st day of October, 2009.
View Complete Act List Judgments citing this sectionFinance (No. 2) Act 2009 Section 63
Title: Amendment of Section 197a
State: Central
Year: 2009
In section 197A of the Income-tax Act, after sub-section (1D)), the following sub-section shall be inserted, namely:-- "(1E) Notwithstanding anything contained in this Chapter, no deduction of tax shall be made from any payment to any person for, or on behalf of, the New Pension System Trust referred to in clause (44) of section 10.".
View Complete Act List Judgments citing this sectionFinance (No. 2) Act 2009 Section 62
Title: Amendment of Section 194-i
State: Central
Year: 2009
In section 194-I of the Income-tax Act, for clauses (a), (b) and (c), the following clauses shall be substituted with effect from the 1st day of October, 2009, namely:-- "(a) two per cent. for the use of any machinery or plant or equipment; and (b) ten per cent. for the use of any land or building (including factory building) or land appurtenant to a building (including factory building) or furniture or fittings.".
View Complete Act List Judgments citing this sectionFinance (No. 2) Act 2009 Section 61
Title: Substitution of New Section for Section 194c
State: Central
Year: 2009
.....which such sum is credited or paid to the account of the contractor; (ii) "goods carriage" shall have the meaning assigned to it in the Explanation to sub-section (7) of section 44AE; (iii) "contract" shall include sub-contract; (iv) "work" shall include-- (a) advertising; (b) broadcasting and telecasting including production of programmes for such broadcasting or telecasting; (c) carriage of goods or passengers by any mode of transport other than by railways; (d) catering; (e) manufacturing or supplying a product according to the requirement or specification of a customer by using material purchased from such customer, but does not include manufacturing or supplying a product according to the requirement or specification of a customer by using material purchased from a person, other than such customer.'.
View Complete Act List Judgments citing this sectionFinance (No. 2) Act 2009 Section 60
Title: Amendment of Section 194a
State: Central
Year: 2009
In section 194A of the Income-tax Act, in sub-section (3), in clause (x); after the words "public sector company" at both the places where they occur, the words "or scheduled bank" shall be inserted.
View Complete Act List Judgments citing this sectionFinance (No. 2) Act 2009 Section 59
Title: Insertion of New Section 167c
State: Central
Year: 2009
After section 167B of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2010, namely:-- "167C. Liability of partners of limited liability partnership in liquidation-- Notwithstanding anything contained in the Limited Liability Partnership Act, 2008 (6 of 2009), where any tax due from a limited liability partnership in respect of any income of any previous year or from any other person in respect of any income of any previous year during which such other person was a limited liability partnership cannot be recovered, in such case, every person who was a partner of the limited liability partnership at any time during the relevant previous year, shall be jointly and severally liable for the payment of such tax unless he proves that the non-recovery cannot be attributed to any gross neglect, misfeasance or breach of duty on his part in relation to the affairs of the limited liability partnership.".
View Complete Act List Judgments citing this sectionFinance (No. 2) Act 2009 Section 57
Title: Substitution of New Section for Section Usa
State: Central
Year: 2009
For section MSA of the Income-tax Act, the following section shall be substituted with effect from the 1st day of April, 2010, namely:-- '145A. Method of accounting in certain cases.-- Notwithstanding anything to the contrary contained in section 145,-- (a) the valuation of purchase and sale of goods and inventory for the purposes of determining the income chargeable under the head "Profits and gains of business or profession" shall be-- (i) in accordance with the method of accounting regularly employed by the assessee; and (ii) further adjusted to include the amount of any tax, duty, cess or fee (by whatever name called) actually paid or incurred by the assessee to bring the goods to the place of its location and condition as on the date of valuation. Explanation.--For the purposes of this section, any tax, duty, cess or fee (by whatever name called) under any law for the time being in force, shall include all such payment notwithstanding any right arising as a consequence to such payment. (b) interest received by an assessee on compensation or on enhanced compensation, as the case may be, shall be deemed to be the income of the year in which it is received.'. .....
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