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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 ..... es as may be prescribed; Clause 47 of the Bill seeks to amend section 92D of the Income-tax Act relating to maintenance and keeping of information and document by persons entering into an international transaction or specified domestic transaction. The proposed amendment seeks to provide that any person, being a constituent entity of an international group, shall also keep and maintain such information and document in respect of an international group as may be prescribed. Clause 49 of the Bill seeks to insert a new section 115BA in the Income-tax Act relating to tax as income of certain domestic companies. Sub-section (2) of the proposed section provides that for the purposes of subsection (1), while computing the total income of the compa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (1D) of said section so as to provide that nothing contained in the said sub-section, in relation to sale of any goods (other than bullion and jewellery) or providing services, shall apply to a class of buyers who fulfils such conditions as may be prescribed. Clause 97 of the Bill seeks to insert a new section 270AA in the Income-tax Act relating to immunity from imposition of penalty. The proposed amendment seeks to provide that to claim immunity from imposition of penalty under section 270A of the Income-tax Act and immunity from initiation of proceedings under section 276C of said Act, the assessee has to make an application to the Assessing Officer within one month from the end of the month in which the order referred to in clause (a) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ional group for an accounting year, if the total consolidated group revenue, as reflected in the consolidated financial statement for the accounting year preceding such accounting year does not exceed the amount, as may be prescribed. Sub-section (9) of the proposed section also seeks to provide that the provisions of the said section shall be applied in accordance with such conditions, as may be prescribed. Indirect-tax Clause 118 of the Bill seeks to insert a proviso in sub-section (1) of section 47 of the Customs Act so as to empower the Central Government to permit certain class of importers, specified by notification in the Official Gazette, to make deferred payment of duty or any charges, in the manner provided by rules. The said Clau ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in dutiable goods may be deposited. Clause 122 of the Bill seeks to substitute new sections 58,58A and 58B for section 58 of the Customs Act. The proposed section 58 seeks to empower the Board to make regulations to provide for conditions subject to which the Principal Commissioner of Customs or Commissioner of Customs may licence a private warehouse in which dutiable goods imported by or on behalf of the licensee may be deposited. The proposed section 58A seeks to empower the Board to make regulations to provide for conditions subject to which the Principal Commissioner of Customs or Commissioner of Customs may licence a special warehouse wherein dutiable goods may be deposited. Clause 123 of the Bill seeks to substitute a new section for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... all be accompanied by a fee of one thousand rupees. Clause 209 of the Bill seeks to insert a new Chapter XI to provide for the Indirect Tax Dispute Resolution Scheme, 2016. Sub-section (1) of section 211 of the Scheme seeks to empower the Central Government to make rules to provide for the form and the manner in which a person may make declaration to the designated authority on or before the 31st day of December, 2016. Sub-section (2) of said section seeks to empower the Central Government to make rules to provide for the form and the manner in which the designated authority shall acknowledge the declaration. Sub-section (4) of said section seeks to empower the Central Government to make rules to provide for the form in which the designated ..... X X X X Extracts X X X X X X X X Extracts X X X X
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