LOK SABHA

FINANCE BILL, 2010

(As Introduced in Lok Sabha)

Notice of Amendments

April 29, 2010

Sl. No. Clause No.
1. Page 5, line 46, Omit ‘and”;’
2. Page, after line 46, insert –

‘(ab) on or after the 1st day of April, 2010, where the specified business is in the nature of building and operating a new hospital with at least one hundred beds of patients;

(ac) on or after the 1st day of April, 2010, where the specified business is in the nature of developing and building a housing . project under a scheme for slum redevelopment or rehabilitation framed by the Central Government or a State Government, as the case may be, and which is notified by the Board in this behalf in accordance with guidelines as may be prescribed; and”;

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3. Page 5, line 48,—

for “and clause (aa)

substitute “clause (aa), clause (ab) and clause (ac)’“

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4. Page 5, after line 52, insert

‘(v) building and operating, anywhere in India, a new hospital with at least one hundred beds for patients;

(vi) developing and building a housing project under a scheme for slum redevelopment or rehabilitation framed by the Central Government or a State Government, as the case may be, and notified by the Board in this behalf in accordance with the guidelines as may be prescribed;’.

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5. Page 6, line 47,—

after “to a limited liability partnership”

insert “or any transfer of a share or shares held in the company by a shareholder”.

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6. Page 7, for lines 24 and 25, substitute

“asset or share or shares not charged under section 45 by virtue of conditions laid down in the said proviso shall be deemed to be the profits and gains chargeable to tax of the successor limited liability partnership or the shareholder of the predecessor company, as the case may be, for”.

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7. Page 7, after Iine 30, insert

(aa) after sub-section (2A A), the following sub-section shall be inserted with effect from the 1st day of April, 2011, namely:—

(2AAA) Where the capital asset being rights of a partner referred to in section 42 of the Limited Liability PartnershipAct, 2008 (6 of 2009) became the property of the assessee on conversion as referred to in clause (xiiib) of section 47, the cost of acquisition of the asset shall be deemed to be the cost of acquisition to him of the share or shares in the company immediately before its conversion.”;’

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8. Page 14, after line 7, insert

Amendment of the Second Schedule.

‘62A. In the Second Schedule to the Customs Tariff Act, against heading No. 16, in column (3), for the entry “Rs. 2500 per tonne”, the entry “Rs. 10000 per tone” shall be substituted.’.

62A (New)
9. Page 17, after line 49, insert

‘(3A) for clause (77c), the following clause shall be substituted, namely:—

‘(77c) “passenger” means any person boarding an aircraft in India for performing domestic journey or international journey.’;’.

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10. Page 39, line 9, in column (3),

after “on inputs”

insert “or input services”.

The Eighth Schedule.

P.D.T Achary
Secretary General

New Delhi
Dated : April 28, 2010

More Under Income Tax

0 Comments

  1. Chandrakant says:

    As clarified, only Basic salary is considered for calculation of Gratuity, most of the private sector employees do suffer heavily as they do not have DA component in their salary break ups.Also Basic amt. is also not on higher side. Other components viz. HRA, other Allowances occupy major portion of CTC .

    Thus these employees get less amt. of Gratuity. Even PF savings are reduced substantially due to small amt. of Basic.

    This need to be relooked into. Isn’t it ?

    Chandrakant

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