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MEMORANDUM REGARDING DELEGATED LEGISLATION

MEMO - Bill - Notes on clauses - Bill - MEMO - Clause 43 of the Bill seeks to insert a new section 80-IBA in the Income-tax Act relating to deductions in respect of profits and gains from housing projects. Sub-section (2) of the proposed section provides that for the purposes of sub-section (1) of the said section, a housing project shall fulfil the conditions specified therein. Clause (a) of sub-section (2) of the said section provides that a housing project shall be that project which is appro .....

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, shall also keep and maintain such information and document in respect of an international group as may be prescribed. Clause 49 of the Bill seeks to insert a new section 115BA in the Income-tax Act relating to tax as income of certain domestic companies. Sub-section (2) of the proposed section provides that for the purposes of subsection (1), while computing the total income of the company, the depreciation under section 32 is determined in the manner as may be prescribed. Subsection (4) of th .....

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" means the consideration paid by the company on buy-back shares as reduced by the amount, which was received by the company for issue of such shares shall be determined in the manner as may be prescribed. Clause 85 of the Bill seeks to amend section 206AA of the Income-tax Act relating to requirement to furnish Permanent Account Number. The proposed amendment seeks to provide that the provisions of sub-section (7) shall not apply to a non-resident, not being a company, or to a foreign comp .....

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on to sale of any goods (other than bullion and jewellery) or providing services, shall apply to a class of buyers who fulfils such conditions as may be prescribed. Clause 97 of the Bill seeks to insert a new section 270AA in the Income-tax Act relating to immunity from imposition of penalty. The proposed amendment seeks to provide that to claim immunity from imposition of penalty under section 270A of the Income-tax Act and immunity from initiation of proceedings under section 276C of said Act, .....

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entity resident in India, shall, if it is constituent of an international group, the parent entity of which is not resident in India, notify the prescribed income-tax authority in the form and manner, as may be prescribed, whether it is the alternate reporting entity of the international group or the details of the parent entity or the alternate reporting entity, if any, of the international group, and the country or territory of which the said entities are resident, on or before the due date as .....

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rescribed. Sub-section (8) of the proposed section also seeks to provide that the provisions of the said section shall not apply in respect of an international group for an accounting year, if the total consolidated group revenue, as reflected in the consolidated financial statement for the accounting year preceding such accounting year does not exceed the amount, as may be prescribed. Sub-section (9) of the proposed section also seeks to provide that the provisions of the said section shall be .....

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Government to specify by rules the due date for making deferred payment of duty. Clause 119 of the Bill seeks to renumber section 51 of the Customs Act as sub-section (1) thereof and to insert a proviso in sub-section (1) so as to empower the Central Government to permit certain class of exporters, specified by notification in the Official Gazette, to make deferred payment of duty or any charges in the manner provided by rules. The said clause also seeks to insert sub-section (2) therein to emp .....

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h the proper officer may allow the goods and the conveyance to transit without payment of duty. Clause 121 of the Bill seeks to substitute a new section for section 57 of the Customs Act. The proposed new section seeks to empower the Board to make regulations to provide for conditions subject to which the Principal Commissioner of Customs or Commissioner of Customs may licence a public warehouse wherein dutiable goods may be deposited. Clause 122 of the Bill seeks to substitute new sections 58,5 .....

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issioner of Customs may licence a special warehouse wherein dutiable goods may be deposited. Clause 123 of the Bill seeks to substitute a new section for section 59 of the Customs Act. Sub-section (3) of the proposed section 59 seeks to empower the Board to make regulations to provide for furnishing of security by the importer. Clause 124 of the Bill seeks to substitute a new section for section 60 of the Customs Act. Sub-section (2) of the proposed section 60 seeks to empower the Board to make .....

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58 or section 58A, who has the custody of the warehoused goods. Clause 148 of the Bill seeks to renumber the existing provision of section 67A of the Finance Act,1994 as sub-section (1) thereof and to insert a new sub-section (2) therein. The proposed sub-section (2) seeks to empower the Board to make regulations to provide for the time or the point in time with respect to the rate of service tax. Clause 171 of the Bill seeks to provide that in respect of matters relating to equalisation levy, t .....

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