Click here to download - Proposals of the Finance Act 2009 "An Analysis"

Analysis by Miraj D Shah

D J SHAH & CO. 2287-1487/0767/98310-69006

Finance Act 2009 tax changes: revised rates, abolished FBT/CTT, expanded presumptive tax, new TDS and compliance rules. The Finance Act 2009 proposals revise personal and corporate tax rates and surcharge treatment, double the wealth tax exemption, abolish fringe benefit and commodity transaction taxes, expand definitions (charitable purpose, firm, manufacture), introduce a 100% investment linked deduction for cold chain/warehousing/pipelines under section 35AD, extend NPS trust tax privileges and section 80CCD benefits, broaden presumptive taxation and amend TDS and PAN withholding rules, and enact procedural reforms including service by electronic means, mandatory document ID numbers, and expanded reassessment powers under section 147.