AMENDMENTS TO FINANCE BILL 2009


After debate on Finance Bill 2009 .In reply to question and queries raised during the Debate on the bill Finance minister has amended few provisions of the Finance Bill 2009(2).The major of these are Given below.The original proposal related to direct tax is available here in PPT

  1. 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)
  2. Repairs and maintenance of road exempted from service tax net with immediate effect.Earlier department has come with a innovative clarification on this subject and taxed few type of services under service tax related to Repair & maintenance of road (Latest clarification is here)
  3. 80 E (deduction on Interest on study loan) is available to parents and person himself but now it is proposed to be available to Legal guardian also.
  4. Time period to avail deduction u/s 80(IA)(4)(iii) Industrial parks development ended on 31.03.2009 has been extended to 31.03.2009
  5. 80(IB) extended to natural gas bock commercial production from AY 2010-11
  6. Interest subsidy to House loan @1% if house is upto 20 lakh and loan is upto 10 Lakh for one year .Provision of 1000 crore created for this subsidy.
  7. 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.
  8. 80(I B) 11A will be available for business of preserving ,processing, packaging of meat products and poultry , marine and dairy products.
  9. 80U limit enhanced from 50000 to 75000 and 75000 to 100000.
  10. Tax code will be available for discussion by 20.08.2009.
 



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