TMI BlogMEMORANDUM REGARDING DELEGATED LEGISLATIONX X X X Extracts X X X X X X X X Extracts X X X X ..... Act relating to amortisation of certain preliminary expenses. Clause (a) of sub-section (2) empowers the Board to make rules to provide for the form and manner and the period within which the assessee shall furnish statement of expenditure to the income-tax authority. Clause 32 of the Bill seeks to amend section 56 of the Income-tax Act relating to income from other sources. Clause (xiii) of sub-section (2) of the said section empowers the Board to make rules for the manner of computation of the sum received which exceeds the aggregate of the premium paid in a life insurance policy which shall be chargeable to income-tax under the head Income from other sources . Clause 50 of the Bill seeks to amend section 115BAC of the I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ake rules to provide the procedure for approval of any person or entity, for providing assistance to the authorised officer for all or any action under sub-section (1) or (1A) of section 132. Clause (iii) of sub-section (9D) empowers the Board to make rules to provide procedure for approval for making reference to any other person or entity or any valuer registered by or under any law for the time being in force, for the purposes of search or seizure. It is further empowers the Board to make rules to provide for the manner of estimation of the fair market value of the property, for the purposes of search or seizure. Clause 74 of the Bill empowers the Board to make rules to provide the form of application to be made by the assessee u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d therein. Clause 141 of the Bill seeks to insert a new section 158A in the Central Goods and Services Tax Act relating to consent based sharing of information furnished by taxable person. Sub-section (1) of the said section empowers the Government to provide by rules the details to be shared and the manner in which and the conditions subject to which the details may be shared by the common portal with such other systems notified by the Government. Sub-section (2) of the said section empowers the Government to provide by rules the form and manner in which the consent of the supplier and the recipient specified therein shall be obtained. Miscellaneous Clauses 145 to 146 seek to amend the Government Savings Promotion Act, 18 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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