applicability of provision of budget 2009-10
This query is : Resolved
07 July 2009
Dear All,
Please tell me the applicability of amendment made by FB 09-10 .
in case of Direct Tax
In case of indirect tax
How we get the dates of applicability if not mentioned in budget.
Thanks & Regds
Kamal
Please tell me the applicability of amendment made by FB 09-10 .
in case of Direct Tax
In case of indirect tax
How we get the dates of applicability if not mentioned in budget.
Thanks & Regds
Kamal
07 July 2009
its applicable for FY 09-10
16 July 2009
The amendment in the budget generally apply for the assessment year, thus are applicable to a FY which is relates to that AY unless otherwise stated. There are cases where the amendment takes effect from from a date which is not 01.04.2010, this mean it is applicable to AY for which the specifically mentioned. For example the date of applicability of no of amendment is from retrospective date, then in those case the amendment is from the retrospective date. Following are such amendments.
1 Third proviso is proposed to be inserted under sub-section (2) to section 281B to provide that the period during which the assessment or reassessment is stayed by any Court shall be excluded from the time period of two years for which the Chief Commissioner/Commissioner may extend the order for provisional attachment under sub-section (2).
(w.r.e.f 01.04.1988)
2 New Explanation (3) is proposed to be inserted in section 147 to provide that the assessing officer may assess or reassess income in respect of any issue which comes to his notice during the course of the proceedings under the said section irrespective of the fact that no reasons have been recorded in relation to such issues by the assessing officer.
(w.r.e.f. 01.04.1989)
3 Validation of actions of assessing authorities
- Sub-section (1) & (1A) to Section 132 amended to clarify that Additional Director/Commissioner were always authorized to issue authorization for conducting search and seizure under the said subsections.
(w.r.e.f. 01.06.1994)
- Sub-section (1) & (1A) to Section 132 amended to clarify that Joint
Director/Commissioner were always authorized to issue authorization for conducting search and seizure under the said sub-sections.
(w.r.e.f. 01.10.1998)
- Sub-section (1) to Section 132A amended to clarify that Additional
Director/Commissioner were always authorized to issue directions for requisition of books, accounts, etc.
(w.r.e.f. 01.06.1994)
4 Sections 115JA & 115JB are proposed to be amended to provide that any provision for diminution in the value of any asset will be added back to the book profits for the purposes of computing profits under section 115JA or 115JB of the Act.
(w.r.e.f. 01.04.1998 & 01.04.2001 respectively)
5 Explanation appended to sub-section (13) of section 80-IA is proposed to be substituted to provide that deduction under the said section shall not be available to infrastructure businesses referred to in sub-section (4) which are in the nature of a works contract awarded by any person.
(w.r.e.f. 01.04.2000)
6 New sub-sections (4), (5) & (6) inserted under section 80A to provide as follows:
a) where deduction, under Chapter VI-A or sections 10A, 10AA, 10B or 10BA, has been allowed for any assessment year, deduction in respect of, and to the extent of, such profits and gains shall not be allowed under any other provisions of the Act for such assessment year.
(w.r.e.f. 01.04.2003)
7 Where the assessee fails to make a claim in his return of income for any deduction under section 10A or section 10AA or section 10B or section 10BA or under any provision of Chapter VI-A, no deduction shall be allowed to him.
(w.r.e.f. 01.04.2003)
8 Sub-section (9) to section 80-IB which provided deduction in respect of profits and gains derived from production of refining of mineral oil is proposed to be substituted to provide 100% deduction, inter alia, to an undertaking which is engaged in refining of mineral oil and begins such refining on or after the 01.10.1998 but not later than 31.03.2012.
In terms of the existing second proviso to sub-section (9) to section 80-IB, if an undertaking began refining of mineral oil after 01.04.2009, deduction in respect of profits from such refining was available only to a public sector company or any other company in which atleast 49% voting rights were held by a public sector company or companies. However, it is proposed that such deduction is extended to all undertakings, public or private.
(w.r.e.f. 1.04.2000)
9 Explanation (5A) to section 271(1)(c) to section is proposed to be substituted to provide that where pursuant to a search under section 132 of the Act if the assessee fails to file a return within the time allotted for filing a revised return, he shall be deemed to have concealed particulars or furnished inaccurate particulars of such income.
(w.r.e.f 01.06.2007)
10 Under the existing provisions of section 208 the Act, liability for payment of advance tax during a financial year arises when the amount of such tax payable during that year is five thousand rupees or more. The limit is proposed to be increased to Rs.10,000/
(w.r.e.f 01.04.2009)
11 Sub-Section (15) to section 2 has been amended to include preservation of environment and preservation of monuments within the definition of ‘charitable purpose’.
(w.r.e.f. 01.04.2009)
12 New sub-section (29BA) has been inserted in section 2 to provide definition of the term
manufacture’
(w.r.e.f. 01.04.2009
13 Sub-section (48) of section 2 has been amended to include bonds issued by a scheduled bank within the definition of ‘zero coupon bond’. Consequential amendments also proposed in section 36 and194A.
(w.r.e.f. 01.04.2009)
14 New sub-section (44) is proposed to be inserted under section 10 of the Act to provide that income received by any person, or on behalf of, the New Pension System Trust established after 27.02.2008 shall not form part of the total income of the assessee. Consequential amendments in section 115-O and section 197A. Further, extension of benefits of the New Pensions Scheme under section 80CCD to ‘self-employed’ individuals
(w.r.e.f. 01.04.2009)
15 Sunset clauses under section 10A and 10B proposed to be extended by one year to allow deduction for assessment year 2011-12
(w.r.e.f. 01.04.2009)
16 Abolition of Commodities Transaction Tax and withdrawal of corresponding deduction under section 36
(w.r.e.f. 01.04.2009)
17 Sunset clause inserted under section 44AF to withdraw benefits of presumptive taxation from assessment year 2011-12 onwards in view of re-casted provisions of section 44AD.
(w.r.e.f. 01.04.2009)
18 Introduction of safe harbour rules under section 92CB in respect of determination of arm’s length price.
(w.r.e.f. 1.04.2009)
19 Where any goods or services or unit or enterprise or eligible business are transferred to any other business carried on by the assessee and the consideration, if any, for such transfer does not correspond to the market value of such goods or services as on the date of the transfer, then, the profits and gains of such undertaking or unit or enterprise or eligible business shall be computed as if the transfer had been made at the market value of such goods or services as on that date, subject to statutory or regulatory restrictions.
(w.r.e.f. 01.04.2009)
1 Third proviso is proposed to be inserted under sub-section (2) to section 281B to provide that the period during which the assessment or reassessment is stayed by any Court shall be excluded from the time period of two years for which the Chief Commissioner/Commissioner may extend the order for provisional attachment under sub-section (2).
(w.r.e.f 01.04.1988)
2 New Explanation (3) is proposed to be inserted in section 147 to provide that the assessing officer may assess or reassess income in respect of any issue which comes to his notice during the course of the proceedings under the said section irrespective of the fact that no reasons have been recorded in relation to such issues by the assessing officer.
(w.r.e.f. 01.04.1989)
3 Validation of actions of assessing authorities
- Sub-section (1) & (1A) to Section 132 amended to clarify that Additional Director/Commissioner were always authorized to issue authorization for conducting search and seizure under the said subsections.
(w.r.e.f. 01.06.1994)
- Sub-section (1) & (1A) to Section 132 amended to clarify that Joint
Director/Commissioner were always authorized to issue authorization for conducting search and seizure under the said sub-sections.
(w.r.e.f. 01.10.1998)
- Sub-section (1) to Section 132A amended to clarify that Additional
Director/Commissioner were always authorized to issue directions for requisition of books, accounts, etc.
(w.r.e.f. 01.06.1994)
4 Sections 115JA & 115JB are proposed to be amended to provide that any provision for diminution in the value of any asset will be added back to the book profits for the purposes of computing profits under section 115JA or 115JB of the Act.
(w.r.e.f. 01.04.1998 & 01.04.2001 respectively)
5 Explanation appended to sub-section (13) of section 80-IA is proposed to be substituted to provide that deduction under the said section shall not be available to infrastructure businesses referred to in sub-section (4) which are in the nature of a works contract awarded by any person.
(w.r.e.f. 01.04.2000)
6 New sub-sections (4), (5) & (6) inserted under section 80A to provide as follows:
a) where deduction, under Chapter VI-A or sections 10A, 10AA, 10B or 10BA, has been allowed for any assessment year, deduction in respect of, and to the extent of, such profits and gains shall not be allowed under any other provisions of the Act for such assessment year.
(w.r.e.f. 01.04.2003)
7 Where the assessee fails to make a claim in his return of income for any deduction under section 10A or section 10AA or section 10B or section 10BA or under any provision of Chapter VI-A, no deduction shall be allowed to him.
(w.r.e.f. 01.04.2003)
8 Sub-section (9) to section 80-IB which provided deduction in respect of profits and gains derived from production of refining of mineral oil is proposed to be substituted to provide 100% deduction, inter alia, to an undertaking which is engaged in refining of mineral oil and begins such refining on or after the 01.10.1998 but not later than 31.03.2012.
In terms of the existing second proviso to sub-section (9) to section 80-IB, if an undertaking began refining of mineral oil after 01.04.2009, deduction in respect of profits from such refining was available only to a public sector company or any other company in which atleast 49% voting rights were held by a public sector company or companies. However, it is proposed that such deduction is extended to all undertakings, public or private.
(w.r.e.f. 1.04.2000)
9 Explanation (5A) to section 271(1)(c) to section is proposed to be substituted to provide that where pursuant to a search under section 132 of the Act if the assessee fails to file a return within the time allotted for filing a revised return, he shall be deemed to have concealed particulars or furnished inaccurate particulars of such income.
(w.r.e.f 01.06.2007)
10 Under the existing provisions of section 208 the Act, liability for payment of advance tax during a financial year arises when the amount of such tax payable during that year is five thousand rupees or more. The limit is proposed to be increased to Rs.10,000/
(w.r.e.f 01.04.2009)
11 Sub-Section (15) to section 2 has been amended to include preservation of environment and preservation of monuments within the definition of ‘charitable purpose’.
(w.r.e.f. 01.04.2009)
12 New sub-section (29BA) has been inserted in section 2 to provide definition of the term
manufacture’
(w.r.e.f. 01.04.2009
13 Sub-section (48) of section 2 has been amended to include bonds issued by a scheduled bank within the definition of ‘zero coupon bond’. Consequential amendments also proposed in section 36 and194A.
(w.r.e.f. 01.04.2009)
14 New sub-section (44) is proposed to be inserted under section 10 of the Act to provide that income received by any person, or on behalf of, the New Pension System Trust established after 27.02.2008 shall not form part of the total income of the assessee. Consequential amendments in section 115-O and section 197A. Further, extension of benefits of the New Pensions Scheme under section 80CCD to ‘self-employed’ individuals
(w.r.e.f. 01.04.2009)
15 Sunset clauses under section 10A and 10B proposed to be extended by one year to allow deduction for assessment year 2011-12
(w.r.e.f. 01.04.2009)
16 Abolition of Commodities Transaction Tax and withdrawal of corresponding deduction under section 36
(w.r.e.f. 01.04.2009)
17 Sunset clause inserted under section 44AF to withdraw benefits of presumptive taxation from assessment year 2011-12 onwards in view of re-casted provisions of section 44AD.
(w.r.e.f. 01.04.2009)
18 Introduction of safe harbour rules under section 92CB in respect of determination of arm’s length price.
(w.r.e.f. 1.04.2009)
19 Where any goods or services or unit or enterprise or eligible business are transferred to any other business carried on by the assessee and the consideration, if any, for such transfer does not correspond to the market value of such goods or services as on the date of the transfer, then, the profits and gains of such undertaking or unit or enterprise or eligible business shall be computed as if the transfer had been made at the market value of such goods or services as on that date, subject to statutory or regulatory restrictions.
(w.r.e.f. 01.04.2009)
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