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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 ..... ucational institution, hospital or other institution exceeds such percentage of the total receipts including any voluntary contributions, as may be prescribed, of such university or other educational institution, hospital or other institution, as the case may be, during the relevant previous year. Clause 12 of the Bill seeks to amend section 35AD of the Income-tax Act which relates to deduction in respect of expenditure on specified business . It is proposed to amend sub-section (5) and sub-section (8) of the said section so as to provide that the provisions of the said section shall apply to the specified business referred to in subsection (2) of the said section if it commences its operations on or after the 1st day of April, 2014, where ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ails of the nature of the income paid during the previous year and such other details as may be prescribed. Clause 46 of the Bill seeks to insert a new section 133C in the Income-tax Act relating to power to call for information by prescribed income-tax authority. The proposed new section provides that the income-tax authority, as may be prescribed, may, for the purposes of verification of information in its possession relating to any person, issue a notice to such person requiring him to furnish information or documents verified in the manner specified therein relevant to any enquiry or proceeding under the Act. Clause 66 of the Bill seeks to insert a new section 271FAA in the Income-tax Act relating to penalty for furnishing inaccurate st ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Sub-section (3) of the proposed new section provides that specified financial transaction means any transaction, which may be prescribed. The proviso to said sub-section provides that the value or, as the case may be, the aggregate value of such transactions during a financial year so prescribed shall not be less than fifty thousand rupees. Sub-section (7) of the proposed new section provides that the Central Government, by rules made under this section, specify (a) the persons to be registered with prescribed income-tax authority, (b) the nature of information and the manner in which such information shall be maintained by the person referred to in clause (a) of this sub-section, and (c) the due diligence to be carried out by the persons f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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