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of <h1>Finance Bill 2009: Clause 39 updates Income-tax Act Section 90 for international tax agreements and anti-evasion measures.</h1> Clause 39 of the Finance (No. 2) Bill, 2009 proposes to replace section 90 of the Income-tax Act, empowering the Central Government to enter agreements with foreign countries or specified territories. These agreements aim to provide tax relief, avoid double taxation, exchange information to prevent tax evasion, and facilitate tax recovery. The new section extends the scope to include specified territories, defined as areas outside India notified by the government. The provisions apply to taxpayers as per the agreement's benefits, effective from October 1, 2009. The amendment clarifies that higher tax rates on foreign companies do not constitute unfavorable treatment.
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