{"act":{"id":"finance-act-2008","short_title":"The Finance Act, 2008","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2008-2009.","act_number":null,"act_year":2008,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":71,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2008/"},"unit":"section","section":{"number":"25","heading":"Amendment of section 115WB","text":"Amendment of section 115WB. 25. In section 115WB of the Income-tax Act,— (a ) in sub-section (1), in the Explanation to clause (d), in clause (i), for the words \"and includes employees’ stock option\", the words \"and, where employees’ stock option has been granted under any plan or scheme therefor, includes the securities offered under such plan or scheme\" shall be substituted; (b ) in sub-section (2), with effect from the 1st day of April, 2009,— (I) in clause (B), after sub-clause (ii), the following sub-clause shall be inserted, namely:— \"(iii) any expenditure on or payment through non-transferable pre-paid electronic meal card usable only at eating joints or outlets and which fulfils such other conditions as may be prescribed;\"; (II) in clause (E), for the Explanation, the following Explanation shall be substituted, namely:— \"Explanation.—For the purposes of this clause, any expenditure incurred or payment made to— (i ) fulfil any statutory obligation; or (ii ) mitigate occupational hazards; or (iii ) provide first aid facilities in the hospital or dispensary run by the employer; or (iv ) provide creche facility for the children of the employee; or (v ) sponsor a sportsman, being an employee; or (vi ) organise sports events for employees, shall not be considered as expenditure for employees’ welfare;\"; (III) clause (K) shall be omitted. © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 115WB.</b></p><p><b>25.</b> In section 115WB of the Income-tax Act,—</p><p>(<i>a</i> ) in sub-section (1), in the <i>Explanation</i> to clause (<i>d</i>), in clause (<i>i</i>), for the words \"and includes employees’ stock option\", the words \"and, where employees’ stock option has been granted under any plan or scheme therefor, includes the securities offered under such plan or scheme\" shall be substituted;</p><p>(<i>b</i> ) in sub-section (2), with effect from the 1st day of April, 2009,—</p><p>(<i>I</i>) in clause (<i>B</i>), after sub-clause (<i>ii</i>), the following sub-clause shall be inserted, namely:—</p><p>\"(<i>iii</i>) any expenditure on or payment through non-transferable pre-paid electronic meal card usable only at eating joints or outlets and which fulfils such other conditions as may be prescribed;\";</p><p>(<i>II</i>) in clause (<i>E</i>), for the <i>Explanation,</i> the following <i>Explanation</i> shall be substituted, namely:—</p><p><i>\"Explanation.</i>—For the purposes of this clause, any expenditure incurred or payment made to—</p><p>(<i>i</i> ) fulfil any statutory obligation; or</p><p>(<i>ii</i> ) mitigate occupational hazards; or</p><p>(<i>iii</i> ) provide first aid facilities in the hospital or dispensary run by the employer; or</p><p>(<i>iv</i> ) provide creche facility for the children of the employee; or</p><p>(<i>v</i> ) sponsor a sportsman, being an employee; or</p><p>(<i>vi</i> ) organise sports events for employees,</p><p>shall not be considered as expenditure for employees’ welfare;\";</p><p>(<i>III</i>) clause (<i>K</i>) shall be omitted.</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":224,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2008/section/25/","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."}