Amendment of section 2

Section 3 of the Finance Act, 2009 deals with amendment of section 2. CHAPTER III DIRECT TAXES Income-tax Amendment of section 2.

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’.

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Section 3, The Finance Act, 2009.