MEMORANDUM REGARDING DELEGATED LEGISLATION

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....planation provides that the significant economic presence shall also mean systematic and continuous soliciting of business activities or engaging in interaction with such number of users as may be prescribed. Sub-clause (II) of clause 9 of the Bill seeks to insert a new clause (via) in section 28 of the Incometax Act relating to profits and gains of business or profession. The said clause (via) provides that the fair market value of inventary as on the date on which it is converted into, or treated as, a capital asset shall be determined in the prescribed manner. Clause 98 of the Bill seeks to amend section 157 of the Customs Act, 1962 to confer power upon the Board, inter alia, to make regulati....

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....mend or discontinue existing Savings Schemes by notification so as to promote household savings in the country. The proposed section 3B empowers the Central Government to include or omit or amend Savings Schemes specified in the Schedule by notification. Clause 118 of the Bill, inter alia, seeks to amend clause (a) of sub-section (4) of section 4A of the said Act to empower the Central Government to pay the deposit of a deceased person to any person appearing to him to be entitled, to receive it or to administer the estate of the deceased in such manner as may be prescribed. Clause 123 of the Bill seeks to amend section 8 of the said Act to empower the Central Government to prescribe limit of the deposit that may b....