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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Finance Act 2008 Amends Section 115WB: Expands Stock Options, Revises Employee Expenditure Rules, Omits Clause (K)</h1> Section 115WB of the Income-tax Act was amended by the Finance Act, 2008. In sub-section (1), the definition of employees' stock options was expanded to include securities offered under any relevant plan or scheme. In sub-section (2), effective April 1, 2009, a new sub-clause was added to clause (B) regarding expenditures on non-transferable prepaid electronic meal cards. Additionally, clause (E) was revised to specify that certain expenditures, such as those for statutory obligations, occupational hazard mitigation, first aid, cr`eche facilities, or sports sponsorships and events for employees, are not considered employee welfare expenditures. Clause (K) was omitted.
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