Finance Bill 2009: Amendments to Income-tax Act, New Rules for Electoral Trusts, Salary Definitions, and Property Taxation.

The Finance (No. 2) Bill, 2009 proposes several amendments to the Income-tax Act, empowering the Central Government and the Board to create rules and schemes for various provisions. Key amendments include defining "electoral trust" and exempting certain contributions from taxation, revising definitions of "salary" and "perquisites," and introducing deductions for specified business expenditures. The Bill also addresses taxation of property received without consideration, agreements with foreign countries, and safe harbor rules. Additionally, it proposes changes to the Customs Act and Central Excise Act regarding import duty refunds and compounding of offenses. These amendments focus on procedural details, delegating legislative power to relevant authorities.

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