{"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":"80","heading":"Amendment of First Schedule","text":"Amendment of First Schedule. 80. In the First Schedule to the Income-tax Act, in rule 5,— (i ) for the portion beginning with the words \"balance of the profits\", and ending with the words \"Controller of Insurance,\", the following shall be substituted with effect from the 1st day of April, 2011, namely:— \"profit before tax and appropriations as disclosed in the profit and loss account prepared in accordance with the provisions of the Insurance Act, 1938 (4 of 1938) or rules made thereunder or the provision of the Insurance Regulatory and Development Author­ity Act, 1999 (41 of 1999) or regulations made thereunder,\"; (ii ) after clause (a), the following clause shall be insert­ed with effect from the 1st day of April, 2011, namely:— \"(b)( i) deduction in respect of any amount either written off or provided in the accounts to meet diminution in or loss on realisation of investments in accordance with the regulations made by Insurance Regulatory and Development Authority; (ii) increase in respect of any amount taken credit for in the accounts on account of appreciation of or gains on realisa­tion of investments in accordance with the regulations made by Insurance Regulatory and Development Authority.\". © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of First Schedule.</b></p><p><b>80.</b> In the First Schedule to the Income-tax Act, in rule 5,—</p><p>(<i>i</i> ) for the portion beginning with the words \"balance of the profits\", and ending with the words \"Controller of Insurance,\", the following shall be substituted with effect from the 1st day of April, 2011, namely:—</p><p>\"profit before tax and appropriations as disclosed in the profit and loss account prepared in accordance with the provisions of the Insurance Act, 1938 (4 of 1938) or rules made thereunder or the provision of the Insurance Regulatory and Development Author­ity Act, 1999 (41 of 1999) or regulations made thereunder,\";</p><p>(<i>ii</i> ) after clause (<i>a</i>), the following clause shall be insert­ed with effect from the 1st day of April, 2011, namely:—</p><p>\"(<i>b</i>)( <i>i</i>) deduction in respect of any amount either written off or provided in the accounts to meet diminution in or loss on realisation of investments in accordance with the regulations made by Insurance Regulatory and Development Authority;</p><p>(<i>ii</i>) increase in respect of any amount taken credit for in the accounts on account of appreciation of or gains on realisa­tion of investments in accordance with the regulations made by Insurance Regulatory and Development Authority.\".</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":203,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2009/section/80/","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."}