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TMI BlogMEMORANDUM REGARDING DELEGATED LEGISLATIONX X X X Extracts X X X X X X X X Extracts X X X X ..... to one and one-half times of such expenditure. Accordingly, it is proposed to confer power upon the Board to notify the skill development project and to empower the Board to make rules relating to guidelines for the purposes of the said section. Clause 21 of the Bill seeks to amend section 56 of the Income-tax Act relating to income from other sources. The proposed amendment seeks to insert a new clause (viib) with an explanation in sub-section (2) of the said section. The explanation to the said new clause provides that the fair market value of the shares shall be the value as may be determined in accordance with such method as may be prescribed. Accordingly, the proposed amendment empowers the Board to make the rules so as to determine the fair market value of the shares. Clause 31 of the Bill seeks to amend section 90 of the Income-tax Act relating to agreement with foreign countries or specified territories. The proposed amendment seeks to insert a new sub-section (4) in the aforesaid section 90 so as to provide that an assessee, not being a resident, to whom an agreement referred to in subsection (1) applies, shall not be entitled to claim any relief under such agreement unle ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rules relating to guidelines for application of the provisions of the said Chapter. Clause 48 of the Bill seeks to substitute a new section for section 115JC of the Income-tax Act relating to special provisions for payment of tax by certain persons other than a company. Sub-section (3) of the aforesaid new section 115JC seeks to provide that every person to whom section 115JC applies shall obtain a report, in such form as may be prescribed from an accountant, certifying that the adjusted total income and the alternate minimum tax have been computed in accordance with the provisions of this Chapter and furnish such report on or before the due date of furnishing of return of income under sub-section (1) of section 139. Accordingly, the Board is empowered to make rules for the purposes of the said section. Clause 56 of the Bill seeks to amend section 139 of the Income-tax Act relating to return of income. Sub-clause (a) of the said clause seeks to insert a proviso in sub-section (1) of the said section so as to provide that a person, being a resident, who is not required to furnish a return under this sub-section and who during the previous year has any asset (including any financial ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ral Government to make rules for the purposes of the said section. Clause 73 of the Bill seeks to insert new section 194LAA in the Income-tax Act relating to payment of transfer of certain immovable property other than agricultural land. Sub-section (4) of the proposed new section seeks to provide that notwithstanding anything contained in any other law for the time being in force, where any document required to be registered under the provisions of sub-clause (a) to clause (e) of sub-section (1) or sub-section (1A) of section 17 of the Indian Registration Act, 1908, purports to transfer, assign, limit or extinguish the right, title or interest of any person to or in any immovable property and in respect of which tax is required to be deducted under subsection (1), no registering officer shall register any such document, unless the transferee furnishes the proof of deduction of income-tax in accordance with the provisions of this section and payment of sum so deducted to the credit of the Central Government in the prescribed form. Accordingly, the proposed amendment empowers the Central Government to make rules for the purposes of the said section. Clause 75 of the Bill proposes to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the buyer or licensee or lessee shall not be deemed to be an assessee in default in respect of such tax, if such buyer or licensee or lessee has furnished his return of income under section 139; has taken into account such amount for computing income in such return of income; and has paid the tax due on the income declared by him in such return of income and the person furnishes a certificate to this effect from an accountant in such form as may be prescribed. Accordingly, the proposed amendment empowers the Board to make rules for the purposes of the said section. Clause 106 of the Bill seeks to insert the new section 280A in Chapter XXII of the Income-tax Act relating to Special Courts. The proposed new section 280A seeks to provide that the Central Government, in consultation with the Chief Justice of the High Court, may, for trial of offences punishable under this Chapter, by notification, designate one or more courts of Magistrate of first class as Special Court for such area or areas or for such cases or class or group of cases as may be specified in the notification. The proposed new section is, therefore, empowers the Central Government to issue a notification for the purp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (b) in the Explanation to section 67, with effect from such date as the Central Government may, by notification, appoint. Sub-clause (I) of aforesaid clause seeks to amend section 68 thereof relating to payment of service tax. Item (i) of the said sub-clause (I) seeks to amend sub-section (2) so as to substitute the words any taxable service notified appearing in sub-section (2) of section 68, with the words such taxable services as may be notified , with effect from such date as the Central Government may, by notification, appoint. Item (ii) of the said sub-clause (I) seeks to insert a new proviso in the said sub-section (2), with effect from such date as the Central Government may, by notification, appoint. Sub-clause (T) of aforesaid clause seeks to amend sub-section (2) of section 94 thereof. Accordingly, the said section 94 empowers the Central Government to make rules. Item (iii) of the said sub-clause (T) seeks to insert (a) a new clause (i) so as to empower the Central Government to provide for the amount to be paid for compounding and the manner of compounding of offences; (b) a new clause (j) so as to empower the Central Government to provide for the settlement of cases i ..... 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