Delegated rulemaking: Bill empowers government and tax board to prescribe computation, valuation, and procedural rules for tax administration. The Bill grants the Central Government and the Board routine delegated authority to make rules and notifications to implement substantive Income-tax and ... Summary
Delegated rulemaking: Bill empowers government and tax board to prescribe computation, valuation, and procedural rules for tax administration.
The Bill grants the Central Government and the Board routine delegated authority to make rules and notifications to implement substantive Income-tax and indirect tax amendments, including methods for computing values and taxes (salary components, amortisation claims, taxable receipts, written down value adjustments, depreciation claims, net winnings and withholding on online gaming), procedures for search and seizure approvals and fair market valuation, rules for refund interest computation, and consent-based information sharing via a common portal.
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