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Finance Act 2009 | After presidential Assent

 

View Finance Act 2009 [PDF] Exclusive!!

On 19th August 2009, Finace Bill presented in Budget (2) of 2009 has undergone presidential assent. Thereby, Finance Act (2) of 2009 comes into effect.

The finance act has substantially undergone few changes, compared to Bill presented in the 6th July budget. Parliamentary changes were accepted and the bill was taken for presidential assent on Wednesday 19th August 2009. Subsequently the Finance Act (2) 2009 came into effect.

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Changes made in the act compared to Bill:

The bill has undergone few changes before getting published as the Act. A list of changes include:

  1. 80 E (deduction on Interest on education loan) is available to parents and person himself. But now it is made to be available to Legal guardian also.
  2. 80U limit enhanced from 50000 to 75000 and 75000 to 100000.
  3. 80(I B) 11A will be available for business of preserving, processing, packaging of meat products and poultry, marine and dairy products.
  4. 80(IB) extended to natural gas bock commercial production from AY 2010-11
  5. Section 80(IB) (10) will be available to housing project approved between 01.04.07 to 31.03.2008 if complete on or before 31.03.2012.
  6. New services under the service tax act and scope of the services changes in case of earlier services will be applicable from 01.09.2009 .This is due to trade bodies , associations demand for time to adjust the accounting and software.(the list of new services is available here)
  7. Repairs and maintenance of road exempted from service tax net with immediate effect.

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