Notification-based exemptions expanded and deduction limits imposed for transactions with designated jurisdictions, with tightened reporting requirements. The Bill empowers the Central Government to notify exemptions under section 10 for certain allowances, non commercial specified incomes of statutory ... Summary
Notification-based exemptions expanded and deduction limits imposed for transactions with designated jurisdictions, with tightened reporting requirements.
The Bill empowers the Central Government to notify exemptions under section 10 for certain allowances, non commercial specified incomes of statutory bodies and infrastructure debt funds; expands section 35AD to include government notified affordable housing projects as specified business; allows notification of the allowable variation for arm's length pricing; enables designation of notified jurisdictional areas restricting deductions absent prescribed authorisations and documents; requires LLPs to file prescribed accountant certificates on adjusted total income and AMT; and creates reporting, inquiry and customs rule making powers with delegated procedural detail.
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