Finance Act 2009 Updates Income-Tax Act: Adds Environmental Preservation, Redefines Partnerships, and Introduces Electoral Trusts
The Finance (No. 2) Act, 2009, amends section 2 of the Income-tax Act, introducing several changes effective from specified dates. It expands clause (15) to include environmental preservation and historical monuments. A new clause (22AAA) defines "electoral trust," and clause (23) redefines "firm," "partner," and "partnership" to include limited liability partnerships. Clause (24) is updated to include electoral trusts and property sums under section 56. Clause (29BA) defines "manufacture" as transforming objects into new entities. Clause (48) is modified to include "scheduled banks" alongside public sector companies, with an explanation clarifying the term.
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