{"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":"3","heading":"Amendment of section 2","text":"CHAPTER III DIRECT TAXES Income-tax Amendment of section 2. 3. In section 2 of the Income-tax Act,— (a ) in clause (15), after the words \"medical relief\", the words and brackets \"preservation of environment (including water­sheds, forests and wildlife) and preservation of monuments or places or objects of artistic or historic interest,\" shall be inserted; (b ) after clause (22AA), the following clause shall be inserted with effect from the 1st day of April, 2010, namely :— ‘(22AAA) \"electoral trust\" means a trust so approved by the Board in accordance with the scheme made in this regard by the Central Government;’; (c ) for clause (23), the following clause shall be substi­tuted with effect from the 1st day of April, 2010, namely :— ‘( 23) (i) \"firm\" shall have the meaning assigned to it in the Indian Partnership Act, 1932 (9 of 1932), and shall include a limited liability partnership as defined in the Limited Liability Partnership Act, 2008 (6 of 2009); ( ii) \"partner\" shall have the meaning assigned to it in the Indian Partnership Act, 1932 (9 of 1932), and shall include,— (a) any person who, being a minor, has been admitted to the benefits of partnership; and (b) a partner of a limited liability partnership as defined in the Limited Liability Partnership Act, 2008 (6 of 2009); ( iii) \"partnership\" shall have the meaning assigned to it in the Indian Partnership Act, 1932 (9 of 1932), and shall include a limited liability partnership as defined in the Limited Liability Partnership Act, 2008 (6 of 2009);’; (d ) in clause (24),— (i) in sub-clause (iia) , after the word and figures \"section 10\", the words \"or by an electoral trust\" shall be inserted with effect from the 1st day of April, 2010; (ii) after sub-clause (xiv) , the following sub-clause shall be inserted with effect from the 1st day of October, 2009, namely:— \"(xv) any sum of money or value of property referred to in clause (vii)  of sub-section (2) of section 56;\". (e ) after clause (29B), the following clause shall be inserted, namely :— ‘(29BA) \"manufacture\", with its grammatical variations, means a change in a non-living physical object or article or thing,— (a ) resulting in transformation of the object or article or thing into a new and distinct object or article or thing having a different name, character and use; or (b ) bringing into existence of a new and distinct object or article or thing with a different chemical composition or inte­gral structure;’; (f ) in clause (48),— (i) in sub-clauses (a) and ( b), after the words \"public sector company\", the words \"or scheduled bank\" shall respectively be inserted; (ii) after clause (c), the following Explanation shall be inserted, namely :— ‘Explanation.—For the purposes of this clause, the expression \"sche-duled bank\" shall have the meaning assigned to it in clause (ii) of the Explanation to sub-clause (c) of clause (viia) of sub-section (1) of section 36’. © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b><i>CHAPTER III</i></b></p><p><b>DIRECT TAXES</b></p><p><i>Income-tax</i></p><p><b>Amendment of section 2.</b></p><p><b>3.</b> In section 2 of the Income-tax Act,—</p><p>(<i>a</i> ) in clause (<i>15</i>), after the words \"medical relief\", the words and brackets \"preservation of environment (including water­sheds, forests and wildlife) and preservation of monuments or places or objects of artistic or historic interest,\" shall be inserted;</p><p>(<i>b</i> ) after clause (<i>22AA</i>), the following clause shall be inserted with effect from the 1st day of April, 2010, namely :—</p><p>‘(<i>22AAA</i>) \"electoral trust\" means a trust so approved by the Board in accordance with the scheme made in this regard by the Central Government;’;</p><p>(<i>c</i> ) for clause (<i>23</i>), the following clause shall be substi­tuted with effect from the 1st day of April, 2010, namely :—</p><p>‘( <i>23</i>) (<i>i</i>) \"firm\" shall have the meaning assigned to it in the Indian Partnership Act, 1932 (9 of 1932), and shall include a limited liability partnership as defined in the Limited Liability Partnership Act, 2008 (6 of 2009);</p><p>( <i>ii</i>) \"partner\" shall have the meaning assigned to it in the Indian Partnership Act, 1932 (9 of 1932), and shall include,—</p><p>(<i>a</i>) any person who, being a minor, has been admitted to the benefits of partnership; and</p><p>(<i>b</i>) a partner of a limited liability partnership as defined in the Limited Liability Partnership Act, 2008 (6 of 2009);</p><p>( <i>iii</i>) \"partnership\" shall have the meaning assigned to it in the Indian Partnership Act, 1932 (9 of 1932), and shall include a limited liability partnership as defined in the Limited Liability Partnership Act, 2008 (6 of 2009);’;</p><p>(<i>d</i> ) in clause <i>(24),—</i></p><p>(<i>i</i>) in sub-clause (<i>iia</i>) <i>, </i>after the word and figures \"section 10\", the words \"or by an electoral trust\" shall be inserted with effect from the 1st day of April, <i>2</i>010;</p><p>(<i>ii</i>) after sub-clause (<i>xiv</i>) <i>, </i>the following sub-clause shall be inserted with effect from the 1st day of October, 2009, namely:—</p><p>\"(<i>xv</i>) any sum of money or value of property referred to in clause (<i>vii</i>) <i> </i>of sub-section (2) of section 56;\".</p><p>(<i>e</i> ) after clause (<i>29B</i>), the following clause shall be inserted, namely :—</p><p>‘(<i>29BA</i>) \"manufacture\", with its grammatical variations, means a change in a non-living physical object or article or thing,—</p><p>(<i>a</i> ) resulting in transformation of the object or article or thing into a new and distinct object or article or thing having a different name, character and use; or</p><p>(<i>b</i> ) bringing into existence of a new and distinct object or article or thing with a different chemical composition or inte­gral structure;’;</p><p>(<i>f</i> ) in clause (<i>48</i>),—</p><p>(<i>i</i>) in sub-clauses (<i>a</i>) and ( <i>b</i>), after the words \"public sector company\", the words \"or scheduled bank\" shall respectively be inserted;</p><p>(<i>ii</i>) after clause (<i>c</i>), the following <i>Explanation</i> shall be inserted, namely :—</p><p>‘<i>Explanation.</i>—For the purposes of this clause, the expression \"sche-duled bank\" shall have the meaning assigned to it in clause (<i>ii</i>) of the <i>Explanation</i> to sub-clause (<i>c</i>) of clause (<i>viia</i>) of sub-section (1) of section 36’.</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":499,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2009/section/3/","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."}