Category Archives: BUDGET 2009

BUDGET FINE PRINTS

Charitable purpose:

Apart from relief of the poor, education, medical even global warming cause and preservation and promotion of heritage also to be considered charitable therefore eligible for 100% exemption.

Limited Liability Partnership (LLP):

LLP will enjoy status similar to that of a firm under the Income Tax Act.

‘Manufacture’ defined

The term ‘Manufacturer’ is defined for the first time as it shall mean a change in non living physical object or thing or article that result in either in following

a) transformation of such other object or article or thing in to a new and distinct object or article or thing having a different name , character and use ; or
b) bringing in to existence of a new and distinct object or article or thing with a different chemical composition or integral structure

The amendment expand