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MEMORANDUM REGARDING DELEGATED LEGISLATION

MEMO - Bill - Bill - MEMO - Clause 9 of the Bill seeks to amend section 12A of the Income-tax Act relating to conditions for applicability of sections 11 and 12. The said clause, inter alia, seeks to insert a new clause (ab) in sub-section (1) of the said section to provide that provisions of sections 11 and 12 shall not apply in relation to income of the trust or institution, unless the person in receipt of the income has made an application for registration of the trust or the institution whic .....

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shares, the full value of consideration for the purpose of computing income chargeable to tax as capital gain shall be the fair market value of such shares determined in accordance with such manner as may be prescribed. Clause 42 of the Bill seeks to insert a new section 92CE of the Income-tax Act relating to secondary adjustment in certain cases. Sub-section (2) of the proposed new section, inter alia, seeks to provide that where, as a result of primary adjustment to the transfer price, there i .....

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o to the said sub-section empowers the Board to make regulations to prescribe the charges for late presentation of bill of entry. Clause 105 of the Bill seeks to insert a new sub-section (5) in section 127B of the Customs Act. The said sub-section empowers the Central Government to make rules to specify the manner in which and the conditions subject to which an application may be made by any person, other than the applicant, before the Settlement Commission. Clause 107 of the Bill seeks to inser .....

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