Specified person designation for pension fund secures tax exemption on dividend and capital gains subject to compliance.
The Central Government specifies pension fund 1000242244 Ontario Inc. as a specified person for exemption of dividend and long-term capital gains from eligible investments in India, subject to conditions: file timely income-tax returns; furnish Form No. 10BBC; intimate investments quarterly in Form No. 10BBB; maintain segmented accounts; remain regulated under Ontario law; use earnings only for statutory obligations and defined contributions to beneficiaries; refrain from loans/borrowings for investment in India; avoid day-to-day participation in investees while retaining monitoring rights; and hold investments for at least three years.

Designation of Special Courts under income-tax law enables trial of undisclosed foreign income offences in specified Odisha districts.
The Central Government, in consultation with the Chief Justice of the High Court of Orissa, designates three Additional Chief Judicial Magistrate courts in Odisha as Special Courts for the purposes of the Income-tax Act and the Black Money Act, and allocates specified districts to each court, thereby creating territorial jurisdictions for prosecution of offences under those enactments.

Electronic filing exemption for nonresident taxpayers without PAN allows manual submission of Form 10F until the specified deadline.
The Competent Authority exempted nonresident taxpayers who do not possess PAN and are not required to have PAN under the Income-tax Act and Rules from the mandatory electronic filing of Form 10F until 31st March 2023, allowing them to furnish Form 10F in manual form as done prior to Notification No. 03/2022.

Specified income for an international sporting event defined as organiser receipts from named national supporters in India.
The central government notifies the Federation Internationale de Football Association Under-17 Women's World Cup, 2022 as the international sporting event, the Federation Internationale de Football Association as the person, and specifies income arising from receipts from named national supporters as the specified income arising to that person from organising the event in India.

National Savings Monthly Income Account deposits from 1 Oct 2022 bear interest at 6.7% per annum.
The Scheme is deemed to have come into force on 1st October, 2022 and amends paragraph 5 of the 2019 Scheme by substituting the phrase "on or after the 1st day of April, 2020" with "between 1st April, 2020 to 30th September, 2022 (both days inclusive)" and by inserting that deposits made on or after 1st October, 2022 shall bear interest at the rate of 6.7 per cent. per annum.

Kisan Vikas Patra: maturity set at ten years three months and deposits double on maturity.
The Scheme amendment, effective 1 October 2022, sets the maturity period for accounts opened on or after that date at ten years and three months and provides that deposits shall double on maturity. It replaces earlier "on or after 1 April 2020" wording with the transitional span 1 April 2020-30 September 2022 where applicable, and inserts a premature-encashment table specifying amounts payable per Rs.1000 for successive half-year bands up to maturity (Rs.2000).

Sovereign wealth fund exemption under clause 23FE conditioned on filing, audit, reporting, ownership and holding requirements.
The notification specifies the Public Investment Fund as the specified person for exemption under clause (23FE) of section 10 for investments in India made up to 31 March 2030, subject to conditions: timely filing of returns; statutory audit and submission of the prescribed audit report; quarterly electronic reporting in Form II; maintenance of segmented accounts; minimum three year holding; exclusive government ownership and control; regulation under the Government of the Kingdom of Saudi Arabia; prohibition on borrowings for investment in India; earnings to accrue to the Government; and restrictions on day to day participation in investees.

Jurisdiction of income-tax authorities updated: specified Mumbai Principal Commissioners/Commissioners assigned distinct local jurisdictions under section 120, effective on Gazette publication.
Amendment under Section 120 substitutes serial numbers 106-111 in Schedule IV of CBDT notification No.50/2014 to reassign headquarters as Mumbai and to allocate distinct local jurisdictions to specified Principal Commissioner/Commissioner of Income tax posts; the change is administrative, effected by substitution of entries and comes into force on publication in the Official Gazette.

Control of income-tax authorities under section 118 amended to omit specified Schedule entries, effective on publication.
Amendment under section 118 removes specific Schedule entries in Notification No.60/2022: in SCHEDULE serial number seven, column (3), item (ii) omits the entries at item (iv) in column (4) and the related entries in column (5); and item (v) omits the entries at item (iv) in column (4) and the related entries in column (5). The amendment is effective from publication in the Official Gazette.

Jurisdictional reallocation of income-tax authorities restructures chief and principal commissioner jurisdictions after notification amendment.
Amendments modify the Schedule to the principal notification under section 118 and section 120, omitting a clause in Sl. No. 6, substituting the entire entry at Sl. No. 7 with a revised Chief Commissioner designation and an enumerated list of subordinate Principal Commissioner/Commissioner jurisdictions, and replacing entries at Sl. Nos. 32 and 34 with updated Chief Commissioner designations, headquarters and corresponding Principal Commissioner/Commissioner jurisdictions; changes take effect from publication in the Official Gazette.

Faceless assessment powers amended to omit specified unit entries from the notified schedule, altering concurrent assessing officer designations.
The Central Board of Direct Taxes amends Notification No. 61/2022 by omitting Sl. No. 2259-2286 and Sl. No. 2592-2612 and their related entries from the Schedule that lists units whose income-tax authorities exercise the powers and functions of Assessing Officers concurrently. The amendment is made under statutory delegation and comes into force upon publication in the Official Gazette, with a note referring to the principal notification.

Special Courts designation for Income-tax and Black Money Act prosecutions establishes specified magistrate courts with territorial jurisdiction.
The Central Government, in consultation with the Chief Justice of the High Court of Himachal Pradesh, designates specified Courts of Judicial Magistrate 1st Class at Dharamshala, Rampur and Nahan as Special Courts to exercise jurisdiction within the listed territorial areas for offences under the Income-tax Act and the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act.

Specified person designation: pension fund's India investment income exemption subject to compliance, reporting, and operational restrictions.
The Central Government designates Teacher Retirement System of Texas as a specified person under clause (23FE) of section 10 for eligible investments in India up to the notified cut-off, conditioned on filing timely returns, furnishing Form No. 10BBC, quarterly investment intimation in Form No. 10BBB, maintenance of segmented accounts, continued regulation under Texas or US federal law, use of earnings and assets solely for statutory obligations of retirement plans, prohibition on borrowings for Indian investments, and no participation in investee day-to-day operations except limited monitoring rights.

Research expenditure approval under Section 35(1)(iii): Krea University recognised for social science and statistical research eligibility.
The Central Government, under clause (iii) of sub section (1) of section 35 read with Rules 5C and 5E, approves Krea University, Sricity, Chittoor (PAN: AAFAK4100P) as a University, College or other institution for research in social science or statistical research; the notification is effective from publication and applies (retrospectively to the previous year) for assessment years 2023-2024 to 2027-2028.

Tax exemption for regulatory commission: grants, license and petition fees plus related interest exempt if non commercial and returns filed.
Notification under clause (46) of section 10 designates Kerala State Electricity Regulatory Commission eligible for exemption for specified income consisting of grants and loans from the State Government, license fees under the Electricity Act, petition fees under the Electricity Act, and interest earned on investments of those receipts; exemption is subject to conditions that the Commission shall not engage in commercial activity, the nature of activities and specified income remain unchanged, and returns of income are filed as required by clause (g) of sub section (4C) of section 139.

Tax exemption for specified incomes: HP Electricity Regulatory Commission exempted subject to non-commerciality and filing conditions.
Notification exempts specified incomes of H P Electricity Regulatory Commission-government grants, licence fees from electricity licensees, court or petition fees, and interest on investments of those receipts-subject to conditions that the Commission not engage in commercial activity, maintain unchanged activities and income character across the notified financial years, and file its return of income as required by the relevant return-filing provision.

Specified Person status for sovereign wealth fund enables tax exemption for qualifying Indian investments subject to compliance.
Specification of the sovereign wealth fund Norges Bank On Account Of The Government Pension Fund Global as a specified person for exemption under the income-tax exemption clause for income from investments in India made on or after publication and on or before the thirty-first day of March two thousand thirty, subject to conditions: timely return filing, statutory audit with prescribed audit report, quarterly electronic reporting, maintenance of segmented accounts, continued ownership and control by the Government of Norway, regulation under Norwegian law, earnings credited to government-designated account, prohibition on borrowings for investment in India, asset vesting in the Government on dissolution, and no day-to-day participation in investees.

Tax exemption for specified pension funds subject to compliance, reporting, governance, and borrowing restrictions for India investments.
The Central Government specifies 2589555 Ontario Limited as a specified person eligible for exemption under clause (23FE) for investments in India, subject to conditions: timely filing of income-tax returns, furnishing Form No. 10BBC, quarterly intimations in Form No. 10BBB, maintaining segmented accounts, remaining regulated under Ontario law, administering assets only to meet statutory obligations and defined contributions for beneficiaries, prohibition on borrowings for making investments in India, restriction on day-to-day participation in investees, and preservation of assets and earnings solely for participants or beneficiaries; breach voids eligibility.

Designation of Appellate Commissioners: specified officials authorised to hear transfer pricing and international tax appeals under appeal provisions.
The Central Board of Direct Taxes designates specified Commissioners of Income tax (Appeals), identified by headquarters in the annexed Schedule, to exercise delegated appellate powers over appeals arising under the statutory appeal provisions, specifically covering cases where orders passed by Transfer Pricing or International Taxation officers include grounds relating to arm's length pricing and related penalties; the Schedule maps each appellate commissioner to originating income tax authorities and the classes of cases they will hear.

U.S. reportable account classification updated to specify local financial institution categories and modify explanatory reference.
The notification amends rule 114F(5) to substitute three clauses classifying as relevant for any U.S. reportable account: a financial institution with a local client base; a local bank; and a financial institution with only low value accounts. It also revises the Explanation in clause (D) to replace a generic reference to a foreign government with an explicit reference to the United States of America regarding benefits on income from sources within that jurisdiction.