Recent Amendments in Finance Bill 2009

On sixth of July our Honorable Finance Minister presented his Union Budget for the year 2009-10. On the direct tax part many of the amendments were made among which some of the important amendments proposed are as under :

 1.   The basic exemption slab for charging income tax is raised by Rs. 10000/-. Now income of Rs. 160,000 (individual and HUF) is not chargeable to tax. For resident women and senior citizens also the amount has been increased by Rs. 10000/-.

2. The term firm includes Limited Liability Partnership and the term partner shall include the partner of Limited Liability Partnership.

3. Section 40 of the Income Tax Act is amended with effect from 1-4-2010 which has increased the allowable remuneration payable to a partner of the firm. The revised allowable remuneration is as under:

“(a) on the first Rs.3,00,000 of the   book-profit or in case of a loss    

        Rs.1,50,000 or at the rate of 90 per cent of the book-profit, whichever is more;

 (b) on the balance of the book-profit  at the rate of 60 per cent.”.

4.   As per the new amendment now if a businessman have turnover of less then Rs. 40 lakhs then he is exempt to maintains books provided he declares his income @ 8% of gross receipts of his business .

 5. As per the new amendment if a person purchases an immovable property without consideration or for a consideration being less than the stamp value of the property then the difference amount of consideration and stamp value is taxable in the hands of the buyer of the property.

6. Rate of MAT is raised to 15%.

7. Fringe Benefit Tax is abolished with immediate effect.

8. Rate of TDS to be deducted of individual and HUF is revised to 1% in case of contract payments u/s 194C of the act.

9. No deduction shall be made from any sum credited or paid or likely to be credited or paid during the previous year to the account of a contractor during the course of business of plying, hiring or leasing goods carriages, on furnishing of his Permanent Account Number, to the person paying or crediting such sum.

10. Section 194I amended relating to TDS on rent on plant or machinery or equipment, land & building.

11. If any person who is liable to furnish his PAN to his deductor and he fails to do so then as per latest amendment his TDS will be deducted @ 20%  or at the applicable rates whichever is higher.

12. Invalid furnishing of PAN will be treated as if no PAN is received.

13. As per latest amendment now receipt of notice by income tax department by electronic mode shall also be a valid notice. This means that now income tax department can send notice on e-mail also.

14. Every notice of Income Tax department shall contain a computer generated number failing which the notice will be deemed void.

15. Limit for Advance Tax raised to Rs. 10,000.

16. Basic exemption limit for Wealth Tax enhanced to Rs. 30 Lacs.

 

These are among some of the amendments proposed to be made by the Finance Bill 2009. These are subjected to change till the Finance bill receives the assent of Honorable President of India.

72 Responses to “Recent Amendments in Finance Bill 2009”

  1. Tumpa pramanick Says:

    Hiiiiiiiiiiiiiiiii
    Can u plz send me the entire ammendmrnt sheet pertaning to INCOME TAX.

    Plz……………………….

    Regards
    Tumpa

  2. sivakrishna murari Says:

    Dear sir

    can u plz send me all the tax amendments that have been passed by the finance minister.

    Thanks & Regards
    K.s.k.Murari.

  3. sareef Says:

    what is the treatment of motor car while calculating salary income

    • Viviek Says:

      kindly specify full details of motor car. Whether it is provided by employer. If yes then some amount is taxable is perquisite. If its ur personal car then no deduction is available in respect of expenses as well as depreciation of motor car.

  4. santhosh Says:

    Can u pls send the ammendment list

    thanking you sir,
    santhosh kumar

  5. debasheesh Says:

    can u send me the recent ammendment list along with the date of applicability.
    thanking you sir,
    debasheesh

    • Nalinee RANJAN Says:

      huluuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuu

  6. prasanth Says:

    please send tds rate & exemption amt

  7. Harriett Truluck Says:

    Hello, I have just come across your site whilst hunting around Google as I am looking for some info on debt relief!. I think it’s an interesting blog so I bookmarked you and I will return soon to allow more time for a more indepth browse when I can give it more time.

  8. prince agarwal Says:

    sir can u please send me tax amendments a-yr-2010-11

  9. chandan Says:

    plz. send me entrie amendmend in income tax act .

  10. PRAKASH Says:

    CAN U SEND PROCEDURE ASSESSMENT AND REFUND PROCEDURE .
    WHAT TIME SEND THE REFUND VOUCHER BY THE DEPARTMENT

  11. Mitesh Says:

    Please send the Latest amendments of taxation year 2009 on my mail ID.
    If their any link for download that amendments plz send id.
    Thank you very much

    Yours Mitesh CA

  12. Rajitha Says:

    Sir can you please send the complete details of the amendements of 2009, bills

  13. Hardik Says:

    can u send me ammendment list pls

  14. sai Says:

    please send the new amendments ,, of A.y 2010-11,,, as amended in 2009 parliament bill

  15. divya Says:

    can u pleasssssssssseeeeee send me the complete list of amendments to my mail id. it would be a favour as i am answering the ca exam this may. so its really urgent.

  16. Nalinee RANJAN Says:

    please send the new amendments ,, of A.y 2010-11,,, as amended in 2009 parliament bill

  17. sankar R Says:

    Can any one send me the latest amendment in december 2009. please help me for salaried income tax purpose.

  18. Smita Raut Says:

    can u plz send me all the tax amendments list.

  19. Bhaumik Says:

    Sir,
    Pleace sent me the entire list of amendments with its effective dates.
    thanking you.

  20. GANGADHAR TATENENI Says:

    Please send the Latest amendments of taxation year 2009 on my mail ID.
    If their any link for download that amendments plz send id.
    Thank you very much

    YOURS GANGADHAR

  21. PRASAD Says:

    Sir

    can you please send the complete details of the amendements of 2009, bills

  22. HARMIL Says:

    Sir,

    Please send me the complete sheet regarding the recent amendments……..

  23. mustafa Says:

    plz send the recent amendments of AY 2010-11

  24. Ashish Mathur Says:

    I would like to know the impact of removal of FBT, impact on HRA claimed, Petrol & vehicle Maintenance reimbursements, Drivers salary.

    • Viviek Says:

      Removal of FBT has no impact on HRA claimed. But car petrol and vehical maintenance reimbursements and drivers salary have became taxable as per provisions of the Act.

  25. vishal mehta Says:

    its very helpful to prepare for the exam of the c a final

  26. vishal mehta Says:

    pls send me all the amendments via e-mail.

  27. moses singh Says:

    sir,would u please send me all the lettest amendments of income tax….i really need it as i m preaparing for CA may 2010 atempt???

    thanking you!!!!!!!!!!!!!!!!

  28. keyur shastri Says:

    can u pls.send amendments of dt, idt-2009

  29. HANSIKA AGARWAL Says:

    Sir,
    Please send me complete amendments in Income Tax Act vide Finance Act, 2009

  30. n.r.kale Says:

    pl. send me highlights on amendments in finance act 2009, particularly related to income tax, which is appicable to FY 2009-2010

  31. Anubhav Says:

    Sir,
    Please send me complete amendments in Income Tax Act vide Finance Act, 2009

  32. Priya Says:

    Plz send me full detailed amendments made for the assessment year 2009-10 and 2010-11..thank you..

  33. akram Says:

    when wealth tax to be lavied

    • Viviek Says:

      Wealth tax is levied when net wealth calculated as per the provisions of Wealth Tax Act exceed 15 lakh rupees.

  34. chetan jain Says:

    pls send me valuable amendmends in format of income tax

  35. chetan jain Says:

    pls send me valuable amendmends in format of income tax & suggestion regarding the proper practise of accountancy related to tax?

  36. vaidruti misra Says:

    sir please provide me with latest ammendments for may 2010 examination will be really greatfull to u

  37. Vikas Aggarwal Says:

    Please Send me the Finance bill 2010

  38. SOUMYA DEY Says:

    plz send me recent tax ammendments as soon as possible.plz..

  39. Naveen Says:

    Sir,
    Please Send Me The Recent Ammendment Sheet Of Finance Act 2009.

    Thank You

  40. aanchal Says:

    Sir,
    Plz send me the entire ammendmrnt sheet pertaning to INCOME TAX of a.y.2010-11

  41. tanuja Says:

    can you send me list of ammendmends that are applicable for Company Secretary Examination June 2010

  42. tanuja Says:

    Dear Sir

    Kindly send me the list of complete ammendmends pertaining to Finance Act 2009..

    Regards
    Tanuja

  43. Sankalp Says:

    Please send me complete amendments vide finance act 2009

  44. can U please mail me the Finance Act(No.2) of 2009 which has received the assent in the Lok Sabha Says:

    Thanx for contributing to my knowledge & keeping me updated. I shall be grateful if you can reply positively to my request.

    Thanks & Regards,
    Inderjit Singh

  45. himanshu jagetiya Says:

    sir plse send me all the latest amendments took place in income tax during this year.

  46. naresh Says:

    Sir

    I am pe2 student and I have attempt on may 2010
    so i requist you to please send latest income tax amendments for the said attempt

  47. yagya Says:

    sir,
    please send me complete amendment relevant for may 2010 exam…..of direct tax as well as indirect tax i.e service tax, custom,excise…..

  48. Ronnie Says:

    Sir, i need details of amendments by finance act 2009(2). Plz help!!! Exam z knockng.

  49. Nitish Says:

    For high economic benifits these changes are compulsary.

  50. Avni Says:

    can you please send me this amendments on my E-mail id

  51. Darshan Dave Says:

    Please send me Detailed list of Amendments in Finance Act 2009.

  52. atul jian Says:

    plz………. plz
    send d entire amndmnt if u can

  53. krithika Says:

    Can i get latest amendments made to my email id

  54. salil Says:

    plz…. can you please send me this amendments on my E-mail id

  55. Anshita Says:

    plz send me all amendments in income tax act or finance act,2009

  56. Vikash Gupta Says:

    Sir,
    Plz send the details list of amendments in Finance Bill 2009.

  57. sourabh saluja Says:

    please sir send me a copy of amendment with effective date of finance bill 2009 (2) upto march 10

  58. bineesh p ponnayya Says:

    plz send me the latest tax amendment sheet in detail

  59. krishnadas a menon Says:

    plz send me the various rates applicable in income tax by the finance act 0f 2009 and 2010

  60. Yasmeen Says:

    Can u send me recent amendment in direct as well as Indirect tax applicable for Dec2010 exams….

  61. KISHAN TIWARI Says:

    please send me all amendment of 2010 income tax paper, which is applicable in 2010 exam in the month of may & November of ipce

  62. Deepakkalal Says:

    Will you send the amended provision on my e-mail id

  63. krishna Says:

    The latest amendments to income tax act ie from 4-2010 to 12-2010 inrespect of employees salary

  64. saroj kumar satapathy Says:

    sir,
    please send latest amendments of income tax

  65. Moiyal Bohari Says:

    Sir, can u provide me latest amendments which will be applicable for CA Final May 2011 exam.

    pls provide me sir

    Thanks……..

  66. Moiyal Bohari Says:

    Sir, can u provide me latest amendments which will be applicable for CA Final May 2011 exam.

    pls provide me sir

    Thanks……..

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s


%d bloggers like this: