Clause wise details of changes made in the Finance Bill, 2008 before passing the same by the Lok Sabha

Sr. No.

Old Provision

New Provision

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In section 10 of the Income-tax Act,—       

(b) after clause (26AAA) as so inserted, the following clause shall be inserted with effect from the 1st day of April, 2009, namely:—

"(26AAB) any income of an agricultural produce market committee or board constituted under any law for the time being in force for the purpose of regulating the marketing of agricultural produce;";

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(b)  in clause (29A), after sub-clause (g), the following sub-clause shall be inserted with effect from the 1^st day of April, 2009, namely:—

''(h) the Coir Board established under section 4 of the Coir Industry Act, 1953;";

In section 10 of the Income-tax Act,—       

(c) in clause (29A), after sub-clause (g), the following sub-clause shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2002, namely:—

''(h) the Coir Board established under section 4 of the Coir Industry Act, 1953;";         

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5.  In section 10A of the Income-tax Act, in sub-section (1), in the fourth proviso, for the figures "2010", the figures "2011" shall be substituted.

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6.  In section 10B of the Income-tax Act, in sub-section (1), in the third proviso, for the figures "2010", the figures "2011" shall be substituted.

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8. In section 40 of the Income-tax Act, in clause (a), sub-clause (ib) shall be omitted with effect from the 1^st day of April, 2009.

10. In section 40 of the Income-tax Act, in clause (a),—          

(a) in sub-clause (ia), with effect from the 1st day of April, 2005,—

(i) for the words, brackets and figures "has not been paid during the previous year, or in the subsequent year before the expiry of the time prescribed under sub-section (1) of section 200", the following words, brackets and figures shall be substituted and shall be deemed to have been substituted, namely:—

"has not been paid,—

(A) in a case where the tax was deductible and was so deducted during the last month of the previous year, on or before the due date specified in sub-section (1) of section 139; or

(B) in any other case, on or before the last day of the previous year";

(ii) for the proviso, the following proviso shall be substituted and shall be deemed to have been substituted, namely:—

"Provided that where in respect of any such sum, tax has been deducted in any subsequent year, or has been deducted—

(A) during the last month of the previous year but paid after the said due date; or

(B) during any other month of the previous year but paid after the end of the said previous year, such sum shall be allowed as a deduction in computing the income of the previous year in which such tax has been paid.";

(b) sub-clause (ib) shall be omitted with effect from the 1st day of April, 2009.