{"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":"39","heading":"Amendment of section 115WC","text":"Amendment of section 115WC. 39. In section 115WC of the Income-tax Act, in sub-section (1), after clause (b), the following shall be inserted with effect from the 1st day of April, 2008, namely:— ‘(ba) the fair market value of the specified security or sweat equity shares referred to in clause (d)  of sub-section (1) of section 115WB, on the date on which the option vests with the employee as reduced by the amount actually paid by, or recovered from, the employee in respect of such security or shares. Explanation.—For the purposes of this clause,— (i) \"fair market value\" means the value determined in accordance with the method as may be prescribed by the Board; (ii) \"option\" means a right but not an obligation granted to an employee to apply for the specified security or sweat equity shares at a predetermined price.’. © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 115WC.</b></p><p><b>39.</b> In section 115WC of the Income-tax Act, in sub-section (1), after clause (<i>b</i>), the following shall be inserted with effect from the 1st day of April, 2008, namely:—</p><p>‘(<i>ba</i>) the fair market value of the specified security or sweat equity shares referred to in clause (<i>d</i>)<i> </i> of sub-section (1) of section 115WB, on the date on which the option vests with the employee as reduced by the amount actually paid by, or recovered from, the employee in respect of such security or shares.</p><p><i>Explanation.</i>—For the purposes of this clause,—</p><p>(<i>i</i>) \"fair market value\" means the value determined in accordance with the method as may be prescribed by the Board;</p><p>(<i>ii</i>) \"option\" means a right but not an obligation granted to an employee to apply for the specified security or sweat equity shares at a predetermined price.’.</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":147,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2007/section/39/","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."}