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MEMORANDUM REGARDING DELEGATED LEGISLATION

..... fied therein. Clause 5 of the Bill seeks to amend section 9 of the Income-tax Act relating to income deemed to accrue or arise in India. The proposed new Explanation 2A to the said section empowers the Board to provide by rules the amount of aggregate payments from the transaction in respect of any goods, services or property which shall be deemed to accrue or arise in India. Clause 7 the Bill seeks to 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 .....

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..... of verification, particulars and time for submission of such statements. It is further proposed to empower the Board to provide by rules for the form and manner of verification of the correction statement thereof. It is also proposed to empower the Board to make rules with regard to the manner, particulars and time for certificate to be given to a donor under the said sub-section. Clause 21 of the Bill seeks 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 .....

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..... tions, procedure and manner for entering agreement referred to in sub-section (1) of the said section. Clause 53 of the Bill seeks to,- (i) insert a new section 115BAC relating to tax on income of individuals and Hindu Undivided Family. Clause (iii) of sub-section (2) of the said section provided for manner of computation of income of individuals and Hindu Undivided Family, by claiming the 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 .....

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..... b-section (2) of the said section empowers the Central Government to notify the "rate of interest" in respect of rupee denominated bond of an Indian company. Clause 93 of the Bill seeks to amend section 206C of the income-tax Act relating to profits and gains from the Business of trading in alcoholic liquor, forest produce, scrap, etc. The proposed amendment seeks to empower 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 .....

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..... Act. The proposed amendment of the said sub-section empowers the Board to provide by rules any other person who may also appear as an authorised representative. Clause 112 of the Bill seeks to amend section 156 of the Customs Act so as to insert a new clause (i) therein, to empower the Central Government to make rules to provide for the form, time limit, manner, 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 .....

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