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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 ..... e 11 of the Bill seeks to amend section 40A of the Incometax Act relating to expenses or payments not deductible in certain circumstances. The proposed amendment empowers the Board to make rules to provide that payment made through such other electronic mode shall also be allowed as deduction. Clause 12 of the Bill seeks to amend section 43 of the Incometax Act relating to definitions of certain terms relevant to income from profits and gains of business or profession. The proposed amendment seeks to empower the Board to make rules to provide that payment made through such electronic mode shall not be ignored for the purposes of determination of actual cost. Clause 14 of the Bill seeks to amend section 43CA of the Income-tax Act relating to special provision for value of consideration for transfer of assets other than capital assets in certain cases. The proposed amendment to sub-section (4) of the said section empowers the Board to make rules that the provision of sub-section (3) shall also apply in respect of those cases where the amount of consideration or a part thereof has been received by way of any electronic mode. Clause 16 of the Bill seeks to amend section 44AD of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... owers the Board to make rules for the manner of keeping and maintaining information and document. It is further proposed to empower the Board under sub-section (2) of the said section to prescribe the period for which the said information and document shall be kept and maintained. Clause 39 of the Bill seeks to amend section 139 of the Incometax Act relating to return of income. It is proposed to insert a new provisio in sub-section (1) which empowers the Board to prescribe by rules other conditions in addition to the conditions specified therein. Clause 40 of the Bill seeks to amend section 139A of the Incometax Act relating to permanent account number. It is proposed to insert a new clause (vii) in sub-section (1) of the said section and to empower the Board to make rules to specify the transaction referred to therein. It is further proposed to insert new sub-section (6A) to empower the Board to make rules to specify the category of transaction and to provide for the manner of authentication of Permanent Account number and Aadhaar number. It is also proposed to insert new sub-section (6B) to empower the Board to provide for manner of authentication of permanent account num ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ority or the authorised person referred to in sub-section (1). Sub-section (3) of the said section provides for the furnishing of a correction statement to add, delete or update the information in the statement delivered under sub-section (1) or sub-section (2), as the case may be, in such form and verified in such manner as may be prescribed. Clause 57 of the Bill seeks to amend section 269SS of the Income-tax Act relating to mode of taking or accepting certain loans, deposits and specified sum. It is proposed to amend the said section so as to empower the Board to make rules to provide that the taking or accepting from any depositor of a loan or deposit or any specified sum equal to twenty thousand or more shall be allowed if such sum is received through any electronic mode. Clause 58 of the Bill seeks to amend section 269ST of the Income-tax Act relating to mode of undertaking transactions. It is proposed to amend the said section so as to empower the Board to make rules to provide that the receipt of an amount equal to two lakh rupees or more in aggregate from a person in a day or in respect of a single transaction or in respect of transactions relating to one event or occ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt, at the request of a State and on the recommendations of the Council, to enhance the aggregate turnover from twenty lakh rupees to a higher amount not exceeding forty lakh rupees in case of supplier who is engaged exclusively in the supply of goods and subject to certain conditions and limitations as may be specified in the notification. Clause 94 of the Bill seeks to amend section 25 of the Central Goods and Services Tax Act, so as to insert new sub-sections (6A), (6B), (6C) and (6D) therein. The said sub-section (6A) empowers the Government to make rules on the recommendations of the Council to provide for the form and manner and the time within which a registered person shall undergo authentication or furnish proof of possession of Aadhaar number and in case such person is not assigned Aadhaar number, then the manner in which an alternate and viable means of identification may be offered to such person. Clause 95 of the Bill seeks to insert a new section 31A in the Central Goods and Services Tax Act, which empowers the Government on the recommendations of the Council to make rules to provide for a class of registered person who shall provide prescribe mode of electronic pay ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nion territory tax account an amount equal to the amount transferred from the electronic cash ledger in the manner and within the time provided by rules. Clauses 119 to 134 of the Bill provide for Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019. Clause 131 thereof empowers the Central Government to make rules to provide for all or any of the following:-- (a) the form in which a declaration may be made and the manner in which such declaration may be verified; (b) the manner of constitution of the designated committee and its rules of procedure and functioning; (c) the form and manner of estimation of amount payable by the declarant and the procedure relating thereto; (d) the form and manner of making the payment by the declarant and the intimation regarding the withdrawal of appeal; (e) the form and manner of the discharge certificate which may be granted to the declarant; (f) the manner in which the instructions may be issued and published; (g) any other matter which is to, or may be, prescribed, or in respect of which provision is to be made, by rules. Clause 189 of the Bill seeks to insert a new section 12AA relating to enhanced due diligence, in the Prevention of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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