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New Sections inserted vide Finance (No. 2) Act, 2009 in various acts are as follows:
Act | Section | Particulars |
|
Income-tax Act, 1961 | 293C | Power to withdraw approval | |
Income-tax Act, 1961 | 282B | Allotment of Document Identification Number. | |
Income-tax Act, 1961 | 206AA | Requirement to furnish Permanent Account Number | |
Income-tax Act, 1961 | 200A | Processing of statements of tax deducted at source. | |
Income-tax Act, 1961 | 167C | Liability of partners of limited liability partnership in liquidation | |
Income-tax Act, 1961 | 144C | Reference to Dispute Resolution Panel | |
Income-tax Act, 1961 | 115WM | Chapter XII-H not to apply after a certain date | |
Income-tax Act, 1961 | 092CB | Power of Board to make safe harbour rules | |
Income-tax Act, 1961 | 073A | Carry forward and set off losses by specified business | |
Income-tax Act, 1961 | 035AD | Deduction in respect of expenditure on specified business. | |
Income-tax Act, 1961 | 013B | Special provisions relating to voluntary contributions received by electoral trust | |
The Customs Act, 1962 | 026A | Refund of import duty in certain cases. | |
Securities Transaction Tax | 113A | Chapter VII not to apply in certain cases. | |
Commodities Transaction Tax | 121A | Provisions of Chapter VII not to apply to taxable commodities transaction |
Finance (No. 2) Act, 2009 as passed by Lok Sabha and Rajya Sabha
Tax compliance changes introduce PAN requirement, DIN allotment, TDS processing and new provisions for specified businesses and trusts. Insertion of multiple provisions by the Finance (No. 2) Act, 2009 revises tax compliance and substantive rules: it mandates furnishing of Permanent Account Number, provides for Document Identification Number allotment, requires processing of TDS statements, enables reference to a Dispute Resolution Panel, empowers issuance of safe harbour rules, and creates specified-business loss setoff and deduction rules alongside special provisions for electoral trusts and LLP partner liability; it also inserts a Customs refund provision and restricts application of Chapter VII in certain securities and commodities transaction taxes. of Press 'Enter' after typing page number.
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