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

....ortisation of certain preliminary expenses. Clause (a) of sub-section (2) empowers the Board to make rules to provide for the form and manner and the period within which the assessee shall furnish statement of expenditure to the income-tax authority. Clause 32 of the Bill seeks to amend section 56 of the Income-tax Act relating to income from other sources. Clause (xiii) of sub-section (2) of the said section empowers the Board to make rules for the manner of computation of the sum received which exceeds the aggregate of the premium paid in a life insurance policy which shall be chargeable to income-tax under the head 'Income from other sources'. Clause 50 of the Bill seeks to amend section 115BAC of the Income-tax Act relating to tax o....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....person or entity, for providing assistance to the authorised officer for all or any action under sub-section (1) or (1A) of section 132. Clause (iii) of sub-section (9D) empowers the Board to make rules to provide procedure for approval for making reference to any other person or entity or any valuer registered by or under any law for the time being in force, for the purposes of search or seizure. It is further empowers the Board to make rules to provide for the manner of estimation of the fair market value of the property, for the purposes of search or seizure. Clause 74 of the Bill empowers the Board to make rules to provide the form of application to be made by the assessee under sub-section (20) of section 155. Clause 83 of the Bill ....