Bare Act Search Results

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.....

Central Industrial Security Force (Amendment) Act 2009 Section 7

Title: Amendment of Section 14

State: Central

Year: 2009

In section 14 of the principal Act,-- (a) in the marginal heading, after the words "public sector", the words", joint venture or private sector" shall be inserted; (b) in sub-section (1), after the words "public sector", the words "Joint venture or private sector" shall be inserted; (c) in the proviso to sub-section (2), for the words "one month's notice", the words "three month's notice" shall be inserted.

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 -.....

The Punjab Special Economic Zones Act, 2009 Complete Act

State: Punjab

Year: 2009

.....fees, cess and levies (11) (1) The following shall be exempted from the payment of any tax, duty, fee, cess or any other levy under the Relevant Act, enacted by the Punjab State Legislature, namely :- (i) any goods exported out of or imported into the Special Economic Zone; (ii) any inter-unit transaction of goods within the Special Economic Zone; (iii) any goods from the Special Economic Zones, sent for value addition to the domestic tariff area and returned to the Special Economic Zone thereafter; (iv) any service providing for the value addition to a product within the Special Economic Zones; (v) any service, provided to the Special Economic Zone developer or a unit in Special Economic Zone for authorized operations; (vi) stamp duty and registration fee on purchase of land for establishing a Special Economic Zone; (vii) stamp duty and registration fee on the first transfer or lease of immovable property within the Special Economic Zone. However, all subsequent transfers or leases shall be liable to levy of stamp duty and registration fee; and (viii) levy of social security cess on purchase of land for establishing a Special Economic Zone, and on the first.....

Central Industrial Security Force (Amendment) Act 2009 Section 2

Title: Amendment of Section 2

State: Central

Year: 2009

In the Central Industrial Security Force Act, 1968(50 of 1968) (hereinafter referred to as the principal Act), in section 2,-- (a) after clause (ca), the following clause shall be inserted, namely:-- "(cb) "joint venture" means a venture jointly undertaken by the Central Government or State Government with private industrial undertaking;'; (b) after clause (g), the following clause shall be inserted, namely:-- '(ga) "private industrial undertaking" means an industry owned, controlled or managed by a person other than the Central or State Government or any industrial undertaking in public sector;'.

Finance (No. 2) Act 2009 Section 3

Title: Amendment of Section 2

State: Central

Year: 2009

.....2009, namely:-- "(xv) any sum of money or value of property referred to in clause (vii) of sub-section (2) of section 56;" ; (e) after clause (29B), the following clause shall be inserted, namely:-- '(29BA) "manufacture", with its grammatical variations, means a change in a non-living physical object or article or thing,-- (a) resulting in transformation of the object or article or thing into a new and distinct object or article or thing having a different name, character and use; or (b) bringing into existence of a new and distinct object or article or thing with a different chemical composition or integral structure;', (f) in clause (48),-- (i) in sub-clauses (a) and (b), after the words "public sector company", the words "or scheduled bank" shall respectively be inserted; (ii) after clause (c), the following Explanation shall be inserted, namely:-- 'Explanation.-- For the purposes of this clause, the expression "scheduled bank" shall have the meaning assigned to it in clause (ii) of the Explanation to sub-clause (c) of clause (viia) of sub-section (1) of section 36.'.

Finance (No. 2) Act 2009 Section 4

Title: Amendment of Section 10

State: Central

Year: 2009

In section 10 of the Income-tax Act,-- (a) in clause (10C), after the second proviso, the following proviso shall be inserted with effect from the 1st day of April, 2010, namely:-- "Provided also that where any relief has been allowed to an assessee under section 89 for any assessment year in respect of any amount received or receivable on his voluntary retirement or termination of service or voluntary separation, no exemption under this clause shall be allowed to him in relation to such, or any other, assessment year;"; (b) in clause (23C), in the fourteenth proviso, for the words "made at any time during the financial year immediately preceding the assessment year", the words, figures and letters "made on or before the 30th day of September of the relevant assessment year" shall be substituted; (c) in clause (23D), in the Explanation, in clause (a), after the words, brackets and figures "Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980" (40 of 1980), the words 'and a bank included in the category "other public sector banks" by the Reserve Bank of India', shall be inserted with effect from the 1st day of April, 2010; (d) after clause (43), the.....

Finance (No. 2) Act 2009 Section 14

Title: Amendment of Section 36

State: Central

Year: 2009

In section 36 of the Income-tax Act, in sub-section (1),-- (a) in clause (iiia), in the Explanation, in clause (i), after the words "public sector company", at both the places where they occur, the words "or scheduled bank" shall be inserted; (b) in clause (viii), in the Explanation, in clause (b), for sub-clause (i), the following sub-clause shall be substituted with effect from the 1st day of April, 2010, namely:-- "(i) in respect of the specified entity referred to in sub-clause (i) or sub-clause (ii) or sub-clause (iii) or sub-clause (iv) of clause (a), the business of providing long-term finance for-- (A) industrial or agricultural development; (B) development of infrastructure facility in India; or (C) development of housing in India;"; (c) clause (xvi) shall be omitted.

Finance (No. 2) Act 2009 Section 39

Title: Amendment of Section 89

State: Central

Year: 2009

In section 89 of the Income-tax Act, the following proviso shall be inserted with effect from the 1st day of April, 2010, namely:-- "Provided that no such relief shall be granted in respect of any amount received or receivable by an assessee on his voluntary retirement or termination of his service, in accordance with any scheme or schemes of voluntary retirement or in the case of a public sector company referred to in sub-clause (i) of clause (10C) of section 10, a scheme of voluntary separation, if an exemption in respect of any amount received or receivable on such voluntary retirement or termination of his service or voluntary separation has been claimed by the assessee under clause (10C) of section 10 in respect of such, or any other, assessment year.".