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of <h1>Central Board empowered to make comprehensive Income-tax rules on valuation, filing, audits, assessments, refunds, and retroactivity limits</h1> The Board, under central government control, may make rules to implement the Income-tax Act, including detailed provisions on income determination, valuation of perks, depreciation rates, PAN application, electronic filing, documentation, audits, appeals, relief for double taxation, refund and interest procedures, prescribed authorities, fees, verification, and other specified matters. Rules may set methods for estimating incomes when exact determination is impracticable and fix deemed proportions for mixed agricultural/business receipts; such estimates are valid for assessment. Rule-making may be retrospective to the Act's commencement date, but not so as to prejudicially affect assessees unless expressly permitted.
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