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CS Professional · Advanced Direct Tax Laws and Practice · Income Tax Implication on Specified Transactions

Which of the following is a matter on which rules may be made under section 533(2) of the Income-tax Act, 2025?

Rules can determine the value of any perquisite chargeable to tax, on such basis as appears to the Board proper and reasonable, under section 533(2)(c). Tax rates, statutory definitions and appellate jurisdiction are not listed among the rule-making matters.

  1. AFixing the rates of income-tax for a financial year
  2. BAmending the definition of 'person' in the Act
  3. CDetermining the value of any perquisite chargeable to tax, in a manner that appears to the Board proper and reasonableCorrect
  4. DDeciding which High Court shall hear a particular appeal

Explanation

Section 533(2)(c) lets rules provide for the valuation of perquisites in a manner the Board considers proper and reasonable. Tax rates, definitions and court jurisdiction are matters for the Act itself, not rules under this section.

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