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.
September 2, 2009 at 4:19 pm |
Hiiiiiiiiiiiiiiiii
Can u plz send me the entire ammendmrnt sheet pertaning to INCOME TAX.
Plz……………………….
Regards
Tumpa
September 9, 2009 at 9:08 am |
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.
October 15, 2009 at 10:41 am |
what is the treatment of motor car while calculating salary income
November 13, 2009 at 5:30 pm |
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.
November 4, 2009 at 9:02 pm |
Can u pls send the ammendment list
thanking you sir,
santhosh kumar
November 25, 2009 at 3:47 pm |
can u send me the recent ammendment list along with the date of applicability.
thanking you sir,
debasheesh
January 16, 2010 at 2:17 pm |
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November 27, 2009 at 11:49 am |
please send tds rate & exemption amt
November 28, 2009 at 7:08 pm |
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December 2, 2009 at 4:29 pm |
sir can u please send me tax amendments a-yr-2010-11
December 5, 2009 at 1:53 pm |
plz. send me entrie amendmend in income tax act .
December 11, 2009 at 9:24 pm |
CAN U SEND PROCEDURE ASSESSMENT AND REFUND PROCEDURE .
WHAT TIME SEND THE REFUND VOUCHER BY THE DEPARTMENT
December 16, 2009 at 12:59 pm |
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
December 30, 2009 at 6:15 pm |
Sir can you please send the complete details of the amendements of 2009, bills
December 31, 2009 at 6:22 pm |
can u send me ammendment list pls
December 31, 2009 at 7:37 pm |
please send the new amendments ,, of A.y 2010-11,,, as amended in 2009 parliament bill
January 8, 2010 at 8:02 pm |
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.
January 16, 2010 at 2:16 pm |
please send the new amendments ,, of A.y 2010-11,,, as amended in 2009 parliament bill
January 18, 2010 at 1:57 pm |
Can any one send me the latest amendment in december 2009. please help me for salaried income tax purpose.
January 18, 2010 at 4:58 pm |
can u plz send me all the tax amendments list.
January 18, 2010 at 10:59 pm |
Sir,
Pleace sent me the entire list of amendments with its effective dates.
thanking you.
January 19, 2010 at 11:39 am |
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
January 19, 2010 at 8:50 pm |
Sir
can you please send the complete details of the amendements of 2009, bills
January 22, 2010 at 1:11 pm |
Sir,
Please send me the complete sheet regarding the recent amendments……..
January 24, 2010 at 10:25 am |
plz send the recent amendments of AY 2010-11
January 27, 2010 at 3:55 pm |
I would like to know the impact of removal of FBT, impact on HRA claimed, Petrol & vehicle Maintenance reimbursements, Drivers salary.
February 8, 2010 at 6:16 pm |
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.
January 28, 2010 at 3:38 pm |
its very helpful to prepare for the exam of the c a final
January 28, 2010 at 3:40 pm |
pls send me all the amendments via e-mail.
January 30, 2010 at 1:10 am |
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!!!!!!!!!!!!!!!!
February 8, 2010 at 6:14 pm |
For preparing CA exams u should read the material issued by the Institure
January 30, 2010 at 11:33 am |
can u pls.send amendments of dt, idt-2009
February 3, 2010 at 3:53 pm |
Sir,
Please send me complete amendments in Income Tax Act vide Finance Act, 2009
February 11, 2010 at 8:43 pm |
pl. send me highlights on amendments in finance act 2009, particularly related to income tax, which is appicable to FY 2009-2010
February 11, 2010 at 10:41 pm |
Sir,
Please send me complete amendments in Income Tax Act vide Finance Act, 2009
February 14, 2010 at 2:02 am |
Plz send me full detailed amendments made for the assessment year 2009-10 and 2010-11..thank you..
February 15, 2010 at 3:39 pm |
when wealth tax to be lavied
May 26, 2010 at 12:03 pm |
Wealth tax is levied when net wealth calculated as per the provisions of Wealth Tax Act exceed 15 lakh rupees.
February 21, 2010 at 1:22 pm |
pls send me valuable amendmends in format of income tax
February 21, 2010 at 1:24 pm |
pls send me valuable amendmends in format of income tax & suggestion regarding the proper practise of accountancy related to tax?
February 23, 2010 at 12:37 pm |
sir please provide me with latest ammendments for may 2010 examination will be really greatfull to u
February 25, 2010 at 10:47 am |
Please Send me the Finance bill 2010
February 26, 2010 at 3:02 pm |
plz send me recent tax ammendments as soon as possible.plz..
March 2, 2010 at 1:15 pm |
Sir,
Please Send Me The Recent Ammendment Sheet Of Finance Act 2009.
Thank You
March 8, 2010 at 9:48 pm |
Sir,
Plz send me the entire ammendmrnt sheet pertaning to INCOME TAX of a.y.2010-11
March 9, 2010 at 1:00 pm |
can you send me list of ammendmends that are applicable for Company Secretary Examination June 2010
March 9, 2010 at 1:12 pm |
Dear Sir
Kindly send me the list of complete ammendmends pertaining to Finance Act 2009..
Regards
Tanuja
March 10, 2010 at 3:40 pm |
Please send me complete amendments vide finance act 2009
March 11, 2010 at 12:10 pm |
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
March 16, 2010 at 3:01 pm |
sir plse send me all the latest amendments took place in income tax during this year.
March 18, 2010 at 11:11 am |
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
March 19, 2010 at 3:56 pm |
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…..
April 9, 2010 at 5:52 pm |
Sir, i need details of amendments by finance act 2009(2). Plz help!!! Exam z knockng.
April 12, 2010 at 12:41 am |
For high economic benifits these changes are compulsary.
April 13, 2010 at 9:20 pm |
can you please send me this amendments on my E-mail id
June 17, 2010 at 11:38 pm |
Please send me Detailed list of Amendments in Finance Act 2009.
June 23, 2010 at 4:15 pm |
plz………. plz
send d entire amndmnt if u can
June 27, 2010 at 6:39 pm |
Can i get latest amendments made to my email id
July 9, 2010 at 7:43 am |
plz…. can you please send me this amendments on my E-mail id
August 2, 2010 at 3:29 pm |
plz send me all amendments in income tax act or finance act,2009
August 5, 2010 at 6:38 pm |
Sir,
Plz send the details list of amendments in Finance Bill 2009.
August 22, 2010 at 11:37 am |
please sir send me a copy of amendment with effective date of finance bill 2009 (2) upto march 10
September 15, 2010 at 1:43 pm |
plz send me the latest tax amendment sheet in detail
October 2, 2010 at 8:28 pm |
plz send me the various rates applicable in income tax by the finance act 0f 2009 and 2010
October 26, 2010 at 7:45 pm |
Can u send me recent amendment in direct as well as Indirect tax applicable for Dec2010 exams….
November 17, 2010 at 11:36 am |
please send me all amendment of 2010 income tax paper, which is applicable in 2010 exam in the month of may & November of ipce
January 7, 2011 at 11:54 am |
Will you send the amended provision on my e-mail id
January 12, 2011 at 6:54 pm |
The latest amendments to income tax act ie from 4-2010 to 12-2010 inrespect of employees salary
January 25, 2011 at 10:51 am |
sir,
please send latest amendments of income tax
February 10, 2011 at 10:56 am |
Sir, can u provide me latest amendments which will be applicable for CA Final May 2011 exam.
pls provide me sir
Thanks……..
February 10, 2011 at 10:58 am |
Sir, can u provide me latest amendments which will be applicable for CA Final May 2011 exam.
pls provide me sir
Thanks……..
February 10, 2011 at 11:35 am |
For exams purpose kindly contact ICAI office.