Specified person designation for pension fund links tax exempt investments to strict filing, reporting and governance conditions.
The Central Government specifies Ravenna Investments Holding B.V. as the specified person under clause (23FE) of section 10 for eligible investments in India within the notified window, subject to conditions including timely return filing, submission of Form No. 10BBC, quarterly investment intimation in Form No. 10BBB, segmented accounting for exempt investments, continued regulation under Dutch law, exclusive use of earnings for beneficiaries, prohibition on borrowings for investments, and restrictions on operational participation in investees.

New ITR forms ITR 1 SAHAJ and ITR 4 SUGAM replace prior versions; effective April 1, 2024.
The Central Board of Direct Taxes issues the Income-tax (Thirtieth Amendment) Rules, 2023, effective April 1, 2024, substituting the existing APPENDIX II forms by replacing Form ITR-1 SAHAJ and Form ITR-4 SUGAM with new versions. The new ITR-1 and ITR-4 specify eligibility exclusions, collect PAN, Aadhaar and filing particulars, provide schedules for salary, house property, other sources, presumptive business computation, deductions, tax computation, TDS/TCS and advance tax, bank details for refunds, and verification requirements.

Safe harbour for intra-group loan interest updated: new reference rate benchmarks and credit rating spread tiers ensure rate compliance.
Amendments redefine intra-group loan to exclude loans from financial institutions and open-ended facilities, revise treatment of income and loss on transfer of non-depreciable assets, and replace the foreign currency intra-group loan safe harbour with a tiered interest schedule. The schedule requires interest not less than the relevant currency reference rate as of the prescribed date plus credit rating based spreads that vary by aggregate loan exposure, and an Explanation specifies the benchmark reference rates and rules for determining applicable credit ratings.

Tax rule amendment adds POWERGRID Infrastructure Investment Trust units as a permitted form of investment under income-tax rules.
Amendment to the Income-tax Rules inserts a clause in Rule 17C specifying that investment by way of acquiring units of POWERGRID Infrastructure Investment Trust is a permitted form of investment, effected by a CBDT notification under the board's rulemaking power and coming into force on publication in the Official Gazette.

Income-tax exemption under section 10(46) for Godavari River Management Board covers grants and bank interest, subject to conditions.
Godavari River Management Board, Hyderabad is notified as eligible for income-tax exemption for specified income comprising Central Government grants/subsidies, State Government grants/subsidies from Andhra Pradesh and Telangana, and interest from bank deposits including savings. The exemption is subject to conditions that the Board shall not engage in commercial activity, its activities and the nature of specified income remain unchanged, and it files its return of income as required. The notification is applied retrospectively to the assessment years corresponding to financial years 2019-20 through 2022-23.

Exemption under section 10(46): Maharashtra Council of Homoeopathy's specified income exempted subject to non-commercial and filing conditions.
Notification under Section 10(46) notifies Maharashtra Council of Homoeopathy as eligible for exemption in respect of fees from members/doctors, fees from professional seminars/conferences, and interest on bank deposits, subject to conditions: no commercial activity, unchanged activities and nature of income across financial years, and filing return per clause (g) of sub-section (4C) of section 139; applied retrospectively to assessment year 2023-2024 relevant to financial year 2022-2023.

Exemption under section 10(46): specified institutional income exempted subject to conditions and retrospective application and filing requirement.
Notification under clause (46) of section 10 exempts specified income of Chhattisgarh Rajya Beej Pramanikaran Sanstha-grants from Central and State Governments; application, certification and service fees; and interest on deposits and those receipts-subject to conditions that the body shall not engage in commercial activity, the activities and nature of the specified income remain unchanged, and the body complies with the required return filing. The notification is applied retrospectively for assessment years 2019 2020 to 2023 2024.

Disclosure of assessee information: Central Government authorises UIDAI technical deputy director as recipient for statutory data sharing.
The Central Government specifies the Deputy Director General (Tech Development Division) of the Unique Identification Authority of India (UIDAI) as an authorised recipient for disclosure of assessees' information under the relevant statutory provision, constituting an administrative appointment to enable disclosure and sharing of taxpayer-related information with that technical office.

SFT submission frequency revised to half-yearly; mutual fund holding classification tied to equity-investment threshold for capital gain treatment.
SFT reporting for mutual funds is amended to require half-yearly submission of data by Registrar & Share Transfer Agents from the effective date, replacing quarterly reporting. The corrigendum also clarifies minimum holding-period treatment and introduces an equity-allocation threshold: funds exceeding the threshold must report that fact, while funds not meeting the threshold will be classified as short-term capital assets for tax purposes; the same reporting/ classification regime applies across specified security classes.

SFT reporting now half yearly; depository reporting mandates weighted average pricing and FIFO matching for transactions.
Reporting frequency for SFT by Depository Institutions is changed to half yearly. Estimated Sale Consideration for debit transactions must be computed using Weighted Average Price based on actual transaction values. Debit-credit matching remains under FIFO. Estimated Cost of Acquisition is to be computed at weighted average for purchases after the cut off and end of day price for earlier purchases; off market and certain non-exchange credits are NIL and IPO credits are treated as market credits. Data fields now capture weighted average unit price, weighted average sale consideration, cost of acquisition, and a purchase-flag indicating pre/post cut off purchases.

Tax exemption for Press Council of India specified income allowed subject to non commerciality and filing conditions.
Notification under clause (46) of section 10 exempts the Press Council of India in respect of levy of fees on publishers and newspapers and interest on FDRs and savings accounts, subject to conditions that it shall not engage in commercial activity, the activities and nature of the specified income remain unchanged across financial years, and it files returns under clause (g) of sub section (4C) of section 139; the notification is deemed applicable to assessment years 2019-2020 through 2023-2024.

Tax exemption for infrastructure authority: specified grants, fees and bank interest exempt subject to non commercial and filing conditions.
Notification under clause (46) of section 10 notifies Punjab Infrastructure Regulatory Authority as entitled to exemption for specified incomes: grants from State Government, sums from other sources including arbitration fees fixed under Authority regulations, and bank interest. The exemption is subject to conditions: no engagement in commercial activity, unchanged activities and income nature across the relevant financial years, and filing of income tax return as required by clause (g) of sub-section (4C) of section 139. The notification is applied retrospectively to the stated assessment years.

Exchange of information and collection assistance: mutual obligation to share tax relevant information and support cross border tax collection.
Notification under s.90 gives effect in India to an Agreement with Saint Vincent and the Grenadines for Exchange of Information and Assistance in Collection covering taxes of every kind. Competent authorities must exchange information foreseeably relevant to tax administration, obtain bank, financial and beneficial ownership data as permitted, and assist in collection and conservancy measures under domestic procedures. Requests must state identity, period, nature, tax purpose, grounds for possession, and efforts to obtain information domestically; requested Parties must acknowledge, notify deficiencies, and respond promptly. Confidentiality, grounds for refusal, implementation legislation and mutual agreement procedures are provided.

Tax exemption for pension fund specified under clause 23FE subject to compliance, reporting and governance conditions for India investments.
The Central Government specifies BPC Penco XVII Corporation as the specified person for exemption under clause (23FE) of section 10 in respect of eligible investments in India made within the notified period, subject to conditions: timely filing of returns, Form 10BBC certification, quarterly Form 10BBB reporting, segmented accounts, Ontario regulation, administering assets for statutory retirement/social security plans, restriction on inuring benefits to private persons, prohibition on borrowings for India investments, and no day to day participation in investees. Violation renders the assessee ineligible; notification effective from publication.

ITR-7 amendment updates reporting of income taxable u/s 115BBI and revises Part B tax computation fields.
The Income-tax (Twenty-Seventh Amendment) Rules, 2023 amend Appendix II Form ITR 7 (Part B) for AY 2023 24: Part B TI (Part B1) substitutes entries to record specified income taxed at 30% as a separate line and to establish an aggregate income line taxed at normal rates; Part B TTI replaces the tax-at-normal-rates computation row to reference the revised aggregate-income line. The amendment is effective from 1 April 2023.

Exemption under section 10(46) for the welfare board on specified income, subject to non-commercial and filing conditions.
Exemption is notified for the Telangana Building and Other Construction Workers Welfare Board in respect of cess received, registration and renewal fees collected from building and construction workers, and interest on bank deposits, subject to conditions that the board shall not engage in commercial activity, that activities and the nature of the specified income remain unchanged during the financial year, and that the board files its income-tax return as prescribed; the notification is effective for the relevant assessment year.

Tax exemption for West Bengal Pollution Control Board income from prescribed fees and reimbursements granted with conditions.
Notification under clause (46) of section 10 exempts specified West Bengal Pollution Control Board receipts-prescribed fees, certain reimbursements, non commercial sale of environmental books, pollution costs/forfeitures, miscellaneous non profit receipts, and interest on deposits and staff advances-subject to conditions that the Board not engage in commercial activity, that the activities and income types remain unchanged, and that returns be filed per clause (g) of sub section (4C) of section 139; the notification applies retrospectively to assessment years 2021 2022 to 2023 2024.

Deduction under section 10AA now requires an accountant's report in Form 56F certifying the claim and disclosures.
The amendment mandates that claims for the export-unit deduction be supported by an accountant's report in Form No. 56F, certified by a Chartered Accountant, verifying accounts and stating the deduction claimed with a detailed Annexure of unit identification, turnover, profits, export receipts in convertible foreign exchange, overseas account disclosures, the deduction working, and any qualifications.

Tax exemption for specified income, conditioned on no commercial activity and prescribed income tax filing requirements.
Notification designates Punjab Dental Council, Mohali as exempt under clause (46) of section 10 for specified income comprising registration/renewal receipts from doctors and interest on FDR-held surpluses, conditional on no commercial activity, unchanged activities and income nature, and filing of return per clause (g) of sub-section (4C) of section 139; the notification is retrospective to assessment years relevant to financial years 2021-22 and 2022-23.

Reporting by IFSC units: mandatory quarterly disclosure of remittances to non residents and foreign companies under amended rule.
A Unit of an International Financial Services Centre is brought within rule 37BB and must furnish a quarterly electronic statement in Form No. 15CD for remittances to non residents or foreign companies. Authorised dealers file Form No. 15CC; IFSC Units file Form No. 15CD. Statements must be submitted under digital signature to the Principal Director General of Income tax (Systems) or the Director General of Income tax (Systems) or their authorised person within fifteen days from quarter end, following procedures, formats and standards specified by the designated systems authority, which also administers furnishing and verification of Forms 15CA/15CB/15CC/15CD.