Income-tax (Second Amendment) Rules, 2008 - Amendment in rule 40C; insertion of rule 40D

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....ection (1) of section 115WC of the Income-tax Act, 1961 (43 of 1961), read with section 22 of the General Clauses Act, 1897 (10 of 1897), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely :— 1. (1) These rules may be called the Income-tax (Second Amendment) Rules, 2008. (2) They Shall come into force with effect from the 1st ....

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....142/25/2007-TPL] EXPLANATORY MEMORANDUM The Finance Act, 2007 amended the provisions of the Income-tax Act to provide that employers will be liable to pay fringe benefit tax on the value of ESOPs granted to employees as and when the specified security or sweat equity share were allotted or transferred to the employees. The value of ESOPs for the purposes of levy of FBT shall be the fair market v....