# The Finance Act, 2009, Section 3: Amendment of section 2

- Act: The Finance Act, 2009
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-2009/section/3/

## 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.

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