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.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
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.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
