TMI BlogMEMORANDUM REGARDING DELEGATED LEGISLATIONX X X X Extracts X X X X X X X X Extracts X X X X ..... butions received by electoral trusts. The proposed new section provides that any voluntary contribution received by an electoral trust shall not be included in the total income of the previous year of such electoral trust, if- (a) such electoral trust distributes to any political party, registered under section 29A of the Representation of the People Act, 1951, during the said previous year, ninety-five per cent. of the aggregate donations received by it during the said previous year alongwith the surplus, if any, brought forward from any earlier previous year; and (b) such electoral trust functions in accordance with the rules made by the Central Government. Accordingly, it is proposed to empower the Central Government to make rule ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... determined; and (ii) providing for the value of any other fringe benefit or amenity. Clause 13 of the Bill seeks to insert a new section 35AD in the Income-tax Act relating to deductions in respect of expenditure on specified business. The proposed new section provides that an assessee shall be allowed a deduction in respect of the whole of any expenditure of capital nature incurred for the specified business carried on by him during the previous year in which such expenditure is incurred by him. The said section 35AD applies to specified business, which fulfills the conditions specified therein and also any other conditions as may be prescribed by the Board. Accordingly, it is proposed to empower the Board to make the rules provi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Income tax Act, so as to empower the Central Government to enter into an agreement with the Government of any country outside India or a specified territory outside India, inter alia, for avoidance of double taxation of income. For this purpose, the Central Government may, by notification in the Official Gazzette, make such provisions as may be necessary for implementing the said agreement. It is, therefore, proposed to empower the Central Government to notify such provisions as necessary for implementing the said agreement. Sub-section (3) of the said section provides that any term used but not defined in the Act or in the agreement referred to in the proposed sub-section (1) shall, unless the context otherwise requires and is not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eligible assessee. Clause 60 of the Bill seeks to amend section 194C relating to payments to contractors. The proposed sub-section (6) of the said section provides that no deduction shall be made from any sum credited or paid or likely to be credited or paid during the previous year to the account of a contractor during the course of business of plying, hiring or leasing goods carriages, on furnishing of his Permanent Account Number, to the person paying or crediting such sum. It is proposed to empower the Board to make rules providing for the form and the time for furnishing the particulars by the person responsible for paying or crediting aforesaid sum to the account of the contractor during the course of the business of plying, hir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... scrap, etc. The proposed amendment seeks to empower the Board to make rules providing for the statements and the period of such statements which the person collecting tax from the business of trading in alcoholic liquor, forest produce, scrap, etc shall furnish. Clause 76 of the Bill seeks to amend section 282 of the Incometax Act relating to service of notice generally. Clause (d) of the said section 282 confers power upon the Board to make rules providing for any other means of transmission of documents in addition to the means of transmission provided therein for the purpose of service of a notice or summon etc. Sub-section (2) of the said section also empowers the Board to make rules providing for the addresses (including the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ndoning to customs, and destruction or rendering of imported goods commercially valueless in the presence of proper officer and subsection (2) of the said section empowers the Board to make regulations for laying down the form and manner of making an application for refund of such import duty. Clause 88 of the Bill proposes to amend section 137 of the Customs Act. Sub-section (3) of the said section seeks to empower the Central Government to make rules to provide for manner of compounding of offences. Clause 103 of the Bill proposes to amend section 9A of the Central Excise Act. Sub-section (2) of the said section seeks to empower the Central Government to make rules to provide for the manner of compounding of offences. Clause 112 of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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