{"act":{"id":"finance-act-2007","short_title":"The Finance Act, 2007","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2007-2008.","act_number":null,"act_year":2007,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":96,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2007/"},"unit":"section","section":{"number":"38","heading":"Amendment of section 115WB","text":"Amendment of section 115WB. 38. In section 115WB of the Income-tax Act, with effect from the 1st day of April, 2008,— (A ) in sub-section (1),— (i) in clause (b),  the word \"and\" occurring at the end shall be omitted; (ii) in clause (c), for the word \"employees\", the words \"employees; and\" shall be substituted; ( iii) after clause (c), the following clause shall be inserted, namely: — ‘(d ) any specified security or sweat equity shares allotted or transferred, directly or indirectly, by the employer free of cost or at concessional rate to his employees (including former employee or employees). Explanation.—For the purposes of this clause,— (i) \"specified security\" means the securities as defined in clause (h)  of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956) and includes employees’ stock option; (ii)  \"sweat equity shares\" means equity shares issued by a company to its employees or directors at a discount or for consideration other than cash for providing know-how or making available rights in the nature of intellectual property rights or value additions, by whatever name called.’; (B ) in sub-section (2), in the proviso,— (a) in clause (v),  for the words \"bill boards\", the words \"bill boards, display of products\" shall be substituted; (b)  for clause ( vii), the following clause shall be substituted, namely:— \"(vii) being the expenditure on distribution of samples either free of cost or at concessional rate; and\". © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 115WB.</b></p><p><b>38.</b> In section 115WB of the Income-tax Act, with effect from the 1st day of April, 2008,—</p><p>(<i>A</i> )<i> </i>in sub-section (1)<i>,</i>—</p><p>(<i>i</i>) in clause (<i>b</i>)<i>, </i> the word \"and\" occurring at the end shall be omitted;</p><p>(<i>ii</i>) in clause (<i>c</i>), for the word \"employees\", the words \"employees; and\" shall be substituted;</p><p><i> </i>( <i>iii</i>)<i> </i>after clause (<i>c</i>), the following clause shall be inserted, namely: —</p><p>‘(<i>d</i> ) any specified security or sweat equity shares allotted or transferred, directly or indirectly, by the employer free of cost or at concessional rate to his employees (including former employee or employees).</p><p><i>Explanation.</i>—For the purposes of this clause,—</p><p>(<i>i</i>) \"specified security\" means the securities as defined in clause (<i>h</i>) <i> </i>of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956) and includes employees’ stock option;</p><p>(<i>ii</i>) <i> </i>\"sweat equity shares\" means equity shares issued by a company to its employees or directors at a discount or for consideration other than cash for providing know-how or making available rights in the nature of intellectual property rights or value additions, by whatever name called.’;</p><p>(<i>B</i> )<i> </i>in sub-section (2), in the proviso,—</p><p>(<i>a</i>) in clause (<i>v</i>)<i>, </i> for the words \"bill boards\", the words \"bill boards, display of products\" shall be substituted;</p><p>(<i>b</i>) <i> </i>for clause ( <i>vii</i>), the following clause shall be substituted, namely:—</p><p>\"(<i>vii</i>) being the expenditure on distribution of samples either free of cost or at concessional rate; and\".</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":244,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2007/section/38/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}