TMI BlogMEMORANDUM REGARDING DELEGATED LEGISLATIONX X X X Extracts X X X X X X X X Extracts X X X X ..... nt economic presence shall also mean systematic and continuous soliciting of business activities or engaging in interaction with such number of users as may be prescribed. Sub-clause (II) of c lause 9 of the Bill seeks to insert a new clause (via) in section 28 of the Incometax Act relating to profits and gains of business or profession. The said clause (via) provides that the fair market value of inventary as on the date on which it is converted into, or treated as, a capital asset shall be determined in the prescribed manner. Clause 98 of the Bill seeks to amend section 157 of the Customs Act, 1962 to confer power upon the Board, inter alia, to make regulations in respect of, (i) the manner of finalisation of provisional as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Government to include or omit or amend Savings Schemes specified in the Schedule by notification. Clause 118 of the Bill, inter alia, seeks to amend clause (a) of sub-section (4) of section 4A of the said Act to empower the Central Government to pay the deposit of a deceased person to any person appearing to him to be entitled, to receive it or to administer the estate of the deceased in such manner as may be prescribed. Clause 123 of the Bill seeks to amend section 8 of the said Act to empower the Central Government to prescribe limit of the deposit that may be excluded in computing court fees by notification. Clause 144 of the Bill seeks to insert a new sub-section (2) in section 12A of the Securities Contracts (Regulation) A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Central Government to amend Schedule II to the Act relating to Category of projects and Infrastructure Sub-Sectors by notification. Further, sub-clause (g) of the said clause proposes to insert a new section 7A to the said Act relating to apportionment of share of fund by Committee. The said section empowers the Central Government to constitute a Committee by notification for finalising the apportionment of the share of the Fund to each of infrastructure projects. Sub-clause (c) of clause 205 of the Bill seeks to insert a proviso to sub-section (8) of section 8 of the Prevention of Money-Laundering Act, 2002. The proposed proviso empowers the Central Government to make rules for considering the claim of the claimant for the purpose ..... X X X X Extracts X X X X X X X X Extracts X X X X
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