Tax exemption under section 10(46) for Credit Guarantee Fund Trust for specified income, subject to non-commercial and filing conditions.
Notification grants an income tax exemption to the Credit Guarantee Fund Trust for Animal Husbandry and Dairying for specified receipts - guarantee fees from eligible lending institutions, income from mutual funds, miscellaneous income, and interest income from banks/financial institutions - subject to conditions that the Trust not engage in commercial activity, that activities and nature of specified income remain unchanged, and that the Trust file returns as required by the relevant statutory return-filing provision.

Tax exemption under section 10(46) for construction workers' welfare board: specified receipts exempt subject to conditions.
Notification exempts specified receipts of the Karnataka State Building & Other Construction Workers' Welfare Board under section 10(46) of the Income-tax Act, covering Central Government grants, centrally decided other sums, cess collected under the Building and Other Construction Workers' Welfare Cess Act, registration fees and annual subscriptions, and bank deposit interest. The exemption is subject to conditions: no commercial activity, unchanged activities and income nature during the notified years, and filing returns as required by clause (g) of sub section (4C) of section 139.

Tax exemption under section 10(46A): Kanpur Development Authority notified as exempt authority effective assessment year 2024-25.
The Central Government notifies Kanpur Development Authority, constituted under the Uttar Pradesh Urban Planning and Development Act, as an exempt authority under the specified clause of the Income-tax Act, effective from assessment year 2024-2025, subject to its continuing status under the state urban planning statute and carrying one or more specified purposes required for eligibility; an explanatory memorandum certifies no person is adversely affected by retrospective effect.

Specified fund definition revised under rule 21AIA, aligning its meaning with the Income-tax Act explanation.
Rule 21AIA is amended by omitting sub-rule (4) and substituting the Explanation so that the expression "specified fund" shall have the same meaning as assigned in sub-clause (i) of clause (c) of the Explanation to clause (4D) of section 10 of the Income-tax Act; the amendment takes effect on publication in the Official Gazette.

IFSC Insurance Office gross income clarified; permits nil reporting in Form 10CCF when profits computed under First Schedule.
Form No. 10CCF (Annexure A) is amended to state that, for a Unit that is an IFSC Insurance Office undertaking insurance business, gross income in serial number 6 means the profit and gains calculated under the presumptive computation provisions and the First Schedule; and that the gross eligible income field in serial number 9 may be submitted as nil where profits and gains are so computed.

Extension of Return Due Date: GSTR-3B filing for specified Maharashtra districts moved to late August for July period.
The Commissioner, on the Council's recommendation, has extended the due date for furnishing FORM GSTR-3B for the month of July, 2025 to the twenty-seventh day of August, 2025 for registered persons whose principal place of business is located in the districts of Mumbai (City), Mumbai (sub-urban), Thane, Raigad and Palghar in Maharashtra and who are required to furnish returns under the statutory return-furnishing provisions read with the relevant rule of the Central Goods and Services Tax Rules, 2017.

Anti-dumping duty extension on fluoroelastomers preserves levy on imports from China PR pending further government action.
The Central Government amended the principal anti dumping notification to insert a provision that the anti dumping duty on imports of Fluoroelastomers (FKM) from China PR shall remain in force up to and including 26th February, 2026, unless revoked, superseded or amended earlier, following initiation of a review by the designated authority under the Customs Tariff Act and the anti dumping rules.

Anti-dumping duty on TDI originating in EU and Saudi Arabia extended to remain in force until 1 March 2026.
The Central Government amended the 2021 anti-dumping notification to insert a provision that, notwithstanding prior provisions, the anti-dumping duty on imports of Toluene Di isocyanate originating in or exported from the European Union and Saudi Arabia shall remain in force up to and inclusive of 1 March 2026 unless revoked, superseded or amended earlier, pursuant to powers under the Customs Tariff Act and the applicable trade remedy rules following a continuation review.

Diamond Imprest Authorization: CA certificate allowed in place of pending ITR; integrated tax cess exemption removed.
Para 4.61 now permits submission of a Chartered Accountant certificate in lieu of a not yet finalised Income Tax Return, provided the ITR is filed by 31 December of the application year; the existing eligibility and import entitlement (up to 5% of the three year average export performance subject to the stated cap) remain. Para 4.63 continues exemptions for Basic Customs Duty, Additional Customs Duty, Education Cess and various anti dumping/countervailing/safeguard duties, but removes exemption for the whole of the Integrated Tax and Compensation Cess.

Tax exemption under section 10(46) for specified regulatory commission income declared effective retrospectively for the relevant assessment year.
Notification under section 10(46) notifies Tamil Nadu Electricity Regulatory Commission as eligible for exemption for specified income for financial year 2022-2023 (assessment year 2023-2024). Specified incomes covered: Government grants; fees under clause (g) of sub section (1) of Section 86 read with Section 181 of the Electricity Act, 2003; penalties under section 146 of the Electricity Act, 2003; and interest on bank deposits. Exemption is subject to conditions prohibiting commercial activity, requiring unchanged activities and income, and mandating return filing under clause (g) of sub section (4C) of section 139.

Exemption from customs duty and AIDC on imported cotton temporarily suspends import levies to address public interest.
Exemption from customs duty and Agriculture Infrastructure and Development Cess (AIDC) is granted on imports of cotton under heading 5201 of the First Schedule to the Customs Tariff Act, 1975, exempting such goods from the whole of the customs duty and the whole of the AIDC when imported, on a public interest basis, subject to the temporal limits and administrative terms set out in the issuing notification.

Determination of tax: new assessment and penalty framework alters time limits, voluntary payment options and waiver for specified periods.
The Act inserts section 11A permitting the Government to exempt recovery of State tax where a generally prevalent practice caused non levy or short levy; inserts section 74A setting a forty two month time limit for notices, a twelve month period for issuing orders (extendable by six months), specified penalties for fraud and non fraud, and tiered settlement options on pre notice or post notice payment; and inserts section 128A creating a conditional waiver of interest and penalty for specified earlier tax periods upon payment by a notified date.

Salary threshold for perquisite valuation set, and gross income threshold set for medical and foreign travel expense treatment.
Amendment inserts Rule 3C and Rule 3D into the Income-tax Rules, 1962 prescribing, respectively, the prescribed income under the head Salaries for valuing benefits or amenities provided free or concessional under item (c) of sub-clause (iii) of clause (2) of section 17, and the prescribed gross total income for the proviso to clause (2) of section 17 governing expenditure on medical treatment or foreign travel.

Tariff value fixation for specified imports sets new customs valuation rates for oils, brass, areca nut, gold and silver.
The Central Board of Indirect Taxes & Customs substitutes three tables in the principal non tariff notification to fix tariff values in US dollars for specified imports: edible oils (various palm and soybean oils), brass scrap, areca nut (per metric tonne), and specified forms of gold and silver (per prescribed weight units), with accompanying explanatory scope for certain entries; the amendment is made under statutory valuation powers and takes effect on the stated commencement date, replacing the previous tables.

Form amendment: FORM NO.7 wording expanded to permit either assessment year or block period as the operative reporting period.
Amendment revises FORM NO.7 in Appendix-II, paragraph 1 of the Income-tax Rules, 1962 to replace the existing temporal phrase referencing the assessment year with language that expressly allows either the assessment year or the block period, as applicable, to be the operative period for recording a sum, thereby adapting the form to situations involving block period assessments.

SEZ membership amendment substitutes two appointed members, updating authority composition under statutory power through central notification.
Central Government notification S.O. 3805(E) dated 13 August 2025, issued under Section 31 of the Special Economic Zones Act, 2005, amends notification S.O. 613(E) dated 07 February 2023 by substituting the persons at Sl. No. 5 and 6 of the Cochin SEZ Authority membership list with Mr. Anil Joseph, Director & Senior Vice President, Sutherland Global Services Pvt. Ltd., and Mr. Sachu T Razakh, Managing Partner, Amy Exports and Imports Private Ltd.

Classification of liabilities as current or non-current clarified; covenant effects and enhanced disclosure obligations under Ind AS updated.
The notification amends multiple Ind AS to add transition reliefs and editorial renumbering, introduce supplier finance arrangement disclosure requirements, clarify classification of liabilities as current or non-current when rights to defer settlement depend on covenants (including required covenant disclosures and the treatment of post reporting date lender agreements), and provide an exception plus disclosure regime for Pillar Two income taxes; effective dates and retrospective application rules are specified for the various amendments.

Tax exemption on specified income granted to conservation foundation, subject to non-commercial activity and return-filing conditions.
Notification under clause (46) of section 10 of the Income-tax Act notifies Parambikulam Tiger Conservation Foundation as exempt in respect of specified income: visitor and accommodation fees, ecotourism and canteen rents, license fees for licensed forest land, proceeds from forest produce sales through ECO shops or website, funds from government departments and NGOs, prize money and awards, and interest on bank deposits. The exemption is conditional on no commercial activity, unchanged activities and income types across the relevant years, and filing returns under clause (g) of section 139(4C); it applies retrospectively for the stated assessment years and to the subsequent assessment year.

Exemption for FPIs investing only in Government Securities - specified regulatory compliance provisions are made inapplicable by amendment.
The amendments exempt foreign portfolio investors who invest only in Government Securities from specified provisions: sub-clauses (i), (ii) and (iv) of regulation 4(c), and qualifying provisos in regulation 22 sub-regulations (1), (3) and (5); additionally, a textual insertion adds the word "further" to an existing proviso. The changes operate pursuant to SEBI's statutory powers and commence on the one hundred eightieth day after Gazette publication.

GST Amendment commencement dates set: sections 6, 30, 35, 37 from 27 Sept 2024; others from 1 Nov 2024.
Appoints commencement dates for provisions of the Meghalaya Goods and Services Tax (Amendment) Act, 2025: sections 06, 30, 35 and 37 come into force on 27th September, 2024; sections 2-5, 7-29, 31-34 and 36 come into force on 1st November, 2024, by statutory notification under the power conferred by sub section (2) of section 1 of the Amendment Act.