Section 15 - Amendment of section 40 - Finance (No. 2) Act, 2009

Amendment of section 40. 15. In section 40 of the Income-tax Act, in clause (b), in sub-clause (v), for items (1) and (2), the following shall be substituted with effect from the 1st day of April, 2010, namely :— "(a) on the first Rs.3,00,000 of the book-profit or in case of a loss Rs.1,50,000 or at the rate of 90 per cent. of the book-profit, whichever is more; (b) on the balance of the book-profit at the rate of 60 per cent.:".