Delegated rulemaking expands tax reporting and compliance powers, enabling prescribed procedures, notifications and penalties. The Bill expands delegated rulemaking to prescribe thresholds, forms, procedures and enforcement for tax reporting and compliance: it defines when institutions are deemed substantially government financed for income exclusion, extends deductions to notified semiconductor fabrication units, permits advance pricing agreements to fix arm's length pricing for prior periods within a prescribed span, imposes statement filing duties for business trust distributions and specified financial transactions with registration, maintenance and due diligence rules, authorises information calls by prescribed tax authorities, and creates prescribed penalties for knowingly inaccurate statements.
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.
Delegated rulemaking expands tax reporting and compliance powers, enabling prescribed procedures, notifications and penalties.
The Bill expands delegated rulemaking to prescribe thresholds, forms, procedures and enforcement for tax reporting and compliance: it defines when institutions are deemed substantially government financed for income exclusion, extends deductions to notified semiconductor fabrication units, permits advance pricing agreements to fix arm's length pricing for prior periods within a prescribed span, imposes statement filing duties for business trust distributions and specified financial transactions with registration, maintenance and due diligence rules, authorises information calls by prescribed tax authorities, and creates prescribed penalties for knowingly inaccurate statements.
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