TMI BlogMEMORANDUM REGARDING DELEGATED LEGISLATIONX X X X Extracts X X X X X X X X Extracts X X X X ..... amend section 10 of the Income-tax Act relating to incomes not included in total income. The proposed amendment of clause (23C) of the said section empowers the Board to provide by rules the form and the manner in which the order under clause (i), sub-clause (b) of clause (ii) and clause (iii) of the second proviso to be passed. The proposed new clause (23FE) in the said section empowers the Central Government to notify such other business for exemption in respect of any income of a specified person in the nature of dividend, interest or longterm capital gains arising from an investment made by it in India, whether in the form of debt or equity, with certain conditions. Clause 12 of the Bill seeks to insert new section 12AB the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eks to amend section 43 of the Income-tax Act relating to definitions of certain terms relevant to income from profits and gains of business or profession. The proposed amendment to Explanation 2 of the said section empowers the Board to provide by rules the conditions to be fulfilled for a recognised stock exchange . It further empowers the Central Government to notify the same. Clause 33 of the Bill seeks to amend section 80G of the Income-tax Act relating to deduction in respect of donations to certain funds, charitable institutions, etc. It is proposed to amend sub-section (5) of the said section so as to empower the Board to provide by rules the statement, time period, form and manner of verification, particulars and time for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... depreciation if any, under any provision of section 32 except clause (iia) of sub-section (1) of the said section, determined in such manner to be provided by rules. (ii) insert a new section 115BADof the Income-tax Act relating to the income of certain registered cooperative societies. Proviso to sub-section (3) of the said section empowers the Board to provide by rules the manner of making corresponding adjustment to the written down value of block of assets. Sub-section 5 of the proposed new section empowers the Board to provide rules the manner of exercising option by the person under the said section. Clause 57 of the Bill seeks to amend section 115JC of the Income-tax Act relating to special provisions for payment of tax by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wer the Central Government to notify any other person to exempt from the application of the provisions of newly inserted sub-section (1G) of the said section. Clause 95 of the Bill seeks to amend section 250 of the Income-tax Act relating to procedure in appeal. The proposed new sub-section (6B) of the said section empowers the Board to make scheme, by notification in the Official Gazette, for the disposal of appeal under section 250 and to empower the Central Government under sub-section (6C) to issue notification to give effect to the scheme and to give direction relating to jurisdiction and procedure for disposal of appeal by Commissioner (Appeals). Clause 100 of the Bill seeks to amend section 274 of the Income-tax Act relati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , circumstances, conditions, restrictions and such other matters for carrying out the provisions of Chapter VAA. Clause 113 of the Bill seeks to amend section 157 of the Customs Act so as to insert a new clause (ja) therein, to empower the Board to make regulations to provide for the manner of maintaining electronic duty credit ledger, making payment from such ledger, transfer of duty credit from ledger of one person to the ledger of another and the conditions, restrictions and time limit relating thereto. Clause 114 of the Bill seeks to substitute section 8B of the Customs Tariff Act. Sub-section (10) of the said section empowers the Central Government to make rules to provide for the manner in which articles liable for safeguard mea ..... X X X X Extracts X X X X X X X X Extracts X X X X
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