{"act":{"id":"finance-act-2009","short_title":"The Finance Act, 2009","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2009-2010.","act_number":null,"act_year":2009,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":89,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2009/"},"unit":"section","section":{"number":"15","heading":"Amendment of section 40","text":"Amendment of section 40. 15. In section 40 of the Income-tax Act, in clause (b), in sub-clause (v), for items (1) and (2), the following shall be substi­tuted with effect from the 1st day of April, 2010, namely :— \"(a) on the first Rs. 3,00,000 of the book-profit or in case of a loss | Rs. 1,50,000 or at the rate of 90 per cent of the book-profit, whichever is more; (b) on the balance of the book-profit | at the rate of 60 per cent\". © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 40.</b></p><p><b>15.</b> In section 40 of the Income-tax Act, in clause (<i>b</i>), in sub-clause (<i>v</i>), for items (1) and (2), the following shall be substi­tuted with effect from the 1st day of April, 2010, namely :—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>\"(<i>a</i>) on the first Rs. 3,00,000 of the book-profit or in case of a loss</td><td>Rs. 1,50,000 or at the rate of 90 per cent of the book-profit, whichever is more;</td></tr><tr><td>(<i>b</i>) on the balance of the book-profit</td><td>at the rate of 60 per cent\".</td></tr></table></div><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":92,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2009/section/15/","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."}