MEMORANDUM REGARDING DELEGATED LEGISLATION

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....pter.      Clause 30 of the Bill seeks to insert a new Chapter XII-EA to provide for special provisions relating to tax on distributed income by securitisation trusts. This clause seeks to insert new sections 115TA to 115TC. The said clause 30 seeks to insert a new section 115TA to provide for tax on distributed income to investors. Subsection (3) of the said section proposes to confer power on the Board to make rules in respect of the form, manner of furnishing the statement, giving the details of the amount of income distributed to investors during the previous year, the tax paid thereon and such other relevant details to the income-tax Authority.      The Explanation to new section 115TC seek....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....be produced before the Assessing Officer. Section 14B of the said Act seeks to confer power on the Board to make rules to provide for various matters, such as, the class or classes of persons who shall be required to furnish the return in electronic form; the form and the manner in which the return in electronic form may be furnished; the documents, statements, receipts, certificates, audit reports, reports of registered valuer or any other documents which may not be furnished along with the return in electronic form and the computer resource or electronic record to which such return may be transmitted under section 14B.      Sub-clause (L) of clause 93 of the Bill seeks to insert a new sub-section (1J) in section 95 ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

...., etc.      Clause 110 of the Bill seeks to provide for furnishing of return in respect of all taxable commodities transaction by every assesse. Sub-clause (1) of clause 110 proposes to empower the Board to make rules in respect of the form, manner, the time within which and the particulars required to be mentioned in the return which is to be delivered or cause to be delivered or furnished in respect of commodities transaction tax.        In sub-clause (3) of clause 111 of the Bill , it is proposed to empower the Board to make rules in respect of the time within which refund of the commodities transaction tax is to be made to the seller from whom the amount was collected.   &n....