Highlights of Amendments made in the Finance Bill, 2008

1. Income of Agricultural produce market committee or board constituted shall not be chargeable retrospectively with effect from 1-4-2002.

2. Income Tax Exemption under Section 10A / 10B to the EOU / SEZ extended till 31-3-2011.

3. Relaxed the provisions of section 40(a) regarding non-allowance of deduction of expenses where assessee fails to deduct and deposit amount of TDS.

4. Since the due date of filing of return u/s 139(1) (Audit Cases and certain other cases) proponed to 30^th September, the due date of filing of Audit Report u/s 44AB is also amended to the match the due date of filing of return.

5. Deduction under section 81IB in respect of refining of mineral oil -relaxation in sunset clause.

6.  Amends section 115JB to allow adjustment of the amount of deferred tax, if any such amount is credited to the profit and loss account.

7. Time limit of one year is reduced to six months for issuing notice for the purpose of assessment u/s 115WE of Fringe Benefit Tax.

8. Amends section 153, to provide the extended time limit for the completion of assessment in case of revival of assessment.

9. Amends section 251, to enable commissioner (appeals) to use the material and other information produced before the settlement commission.

10. Amends new section 292BB to relax the rigidity - now the provision of section 292BB shall not apply where the assessee has raised such objection before the completion of such assessment of reassessment.

11. Deemed satisfaction before issuing notice of impose penalty is not restricted to penalty under section 271(1)(c) only.

12. Some other minor amendments are of consequential nature.

13. Provisions of wealth tax also amended similarly.