No TDS on specified bank service payments when paid to eligible domestic banks, clarifying withholding obligations and scope.
Notification under section 197A(1F) provides that no deduction of tax at source shall be made on specified service payments-including bank guarantee commission, cash management service charges, depository charges for DEMAT maintenance, warehousing charges, underwriting charges, clearing (MICR) charges, and merchant-acquirer card commission-where such payments are made to domestic banks listed with the Reserve Bank, excluding foreign banks, effective from the notified commencement date.

Industrial park tax deduction under section 80-IA: approval conditional on specified infrastructure, operational and compliance requirements.
Approval notifies M/s iLABS Hyderabad Technology Centre Pvt. Ltd.'s industrial park as eligible for benefits under clause (iii) of sub-section (4) of section 80-IA, subject to terms: specified location, permitted activities, allocable area split, minimum number of units, investment and commencement details; infrastructure expenditure minima (50% or 60% where built-up space provided) and defined infrastructure scope; restriction on single-unit area occupancy; requirement to obtain statutory approvals; tax benefits contingent on meeting unit and operational requirements; and invalidation or withdrawal provisions for misinformation, nondisclosure, unapproved amendments, transfers without intimation, or failure to comply.

Post Office savings account eligibility updated: NREG wages and government benefits accepted; wage slip requirement removed.
The amendment to the Post Office Savings Account Rules substitutes, for both single and joint accounts, the Table entry in the deposits column with "Wages under NREG Act, Government benefits and deposits under these rules" and omits the words "and Wage Slip" from the documentation column; the rules are titled the Post Office Savings Account (Amendment) Rules, 2012 and commence on publication in the Official Gazette.

Specified territory notification: Sint Maarten designated for double taxation agreement purposes under Indian Income-tax law, effective immediately.
Notification designates Sint Maarten as the specified territory for application of double taxation agreement provisions under Explanation 2 to section 90 of the Income Tax Act, and states the declaration takes effect immediately.

Definitions renumbered in Rajiv Gandhi Equity Savings Scheme corrigendum, updating sub clause references and preserving other provisions.
Corrigendum to the Rajiv Gandhi Equity Savings Scheme, 2012 corrects internal cross references in the scheme's definitions: sub clause references styled as (i) and (ii) are to be read as (a) and (b), and a reference to (iii) is to be read as (c). The amendments are textual renumbering and the rest of the Gazette notification remains unchanged.

Posting policy for international taxation establishes selection criteria and a three-year tenure with limited extension options.
Selection for postings to the Directorates follows the Annual General Transfer Policy: Assistant/Deputy Commissioners need minimum three years' field experience (preferably corporate assessment); Joint/Additional Commissioners need minimum three years in grade; preference for specialized international taxation and transfer pricing expertise. Normal tenure is three years, with eligibility for FT&TR or Overseas postings before completion; tenure exceptions apply on promotion or deputation; retention may extend to a maximum of five years based on suitability, administrative need and willingness; postings made by the approving authority under the Annual General Transfer Policy.

Capital gains account scheme authorization extends deposit-taking and permits maintenance of accounts at all non rural IDBI Bank branches.
The Central Government authorises all branches of IDBI Bank Ltd., except rural branches, to receive deposits and maintain accounts under the Capital Gains Account Scheme, 1988 pursuant to clause (e) of paragraph 2, and defines a rural branch as one situated and functioning at a centre with population under ten thousand per the 2001 census.

Fair market value of unquoted equity shares updated: formulaic book-value method or DCF option permitted under amended rules.
Amendments define accountant, balance-sheet and valuation date for valuation purposes and prescribe a formulaic method for computing the fair market value of unquoted equity shares from the audited balance-sheet, specifying items excluded from assets and liabilities. Alternatively, an assessee may opt for a valuation by a merchant banker or accountant using the Discounted Free Cash Flow method.

Equity savings deduction for new retail investors enabling tax benefit subject to demat account compliance and lock-in rules.
The Rajiv Gandhi Equity Savings Scheme, 2012 permits a tax deduction under section 80CCG for qualifying resident individuals investing in defined eligible securities through a demat account. New retail investors must declare eligibility in Form A, furnish PAN, and may claim the deduction subject to a designated investment ceiling and a single-claim restriction. Investments are subject to a one-year fixed lock-in followed by a two-year flexible lock-in with demat account compliance and valuation rules; noncompliance triggers withdrawal and taxation of the deduction. Depositories and depository participants handle certification, statements and consolidated electronic reporting to tax authorities.

Correction of entity name: replaces 'Rural Electrical Corporation' with 'Rural Electrification Corporation Limited' in tax-free bond notification.
Corrigendum substitutes the table entry "Rural Electrical Corporation" with the correct corporate name "Rural Electrification Corporation Limited" in the prior Gazette notification concerning tax-free, secured, redeemable, non-convertible bonds issued during the financial year; the amendment corrects a textual error and does not change substantive tax treatment or eligibility criteria.

Withholding tax reduction to lower ceilings for cross border dividends, interest, royalties and technical fees under amended treaty.
The Protocol reduces withholding tax ceilings to ten percent for dividends, interest, royalties and technical fees, replaces the Exchange of Information provision with expansive information exchange obligations (including information held by financial institutions) subject to confidentiality and public policy exceptions, introduces mutual Assistance in the Collection of Taxes permitting collection and conservancy of revenue claims under the requested State's laws, and inserts a Limitation of Benefits anti abuse rule disallowing treaty benefits where obtaining them is a main purpose or where entities lack bona fide activities.

Deduction under section 80-IA: industrial park notification grants conditional tax benefits subject to compliance and occupancy requirements.
Notification under section 80-IA approves M/s India Land and Properties Pvt. Ltd., Chennai, as the developer, maintainer and operator of an industrial park at Indian Land Tech Park Towers AB and C, specifying site, minimum constructed floor area, permitted activities under the Industrial Park Amendment Scheme, allocable area percentages, minimum industrial units and commencement date. Tax benefits under section 80-IA are available only to the notified undertaking after the minimum unit threshold is met; separate books and timely tax filings are required; annual reporting in Form IPS-II is mandated; non-disclosure, misrepresentation, unauthorized amendments or non-compliance may invalidate the notification and attract withdrawal of approval.

Deduction under section 80-IA: Industrial park notified for tax benefits, contingent on allocation, unit and compliance conditions.
Notification under section 80-IA designates M/s. Ferani Hotels Pvt. Ltd., Mumbai as an Industrial Park for tax deduction purposes subject to the Industrial Park Scheme and Rule 18C. Approval specifies location, commencement certificate date, minimum constructed floor area, allocation percentages for industrial and commercial use, minimum number of industrial units, ownership by a single undertaking, permissible activities, requirement to keep separate books of account, timely filing of returns, and annual reporting in Form IPS-II, with Central Government power to withdraw approval for non-compliance or misrepresentation.

Tax-free bond issuance ceilings limit coupon rates and set eligibility, issue and compliance conditions for issuers and investors.
Authorises specified public and infrastructure entities to issue tax free, secured, redeemable, non convertible bonds in 2012-13 subject to eligibility (RII, QIBs, Corporates, HNIs), mandatory PAN and registration for tax benefit, prescribed tenures, and ceiling coupon rates tied to a FIMMDA reference G sec average. Ceiling differentials apply between retail and other investors, rating based reductions, and semi annual payment adjustments. Public issuance and private placement procedures, caps on issue expenses and brokerages, mandatory financing plans for repayment, and competitive selection of merchant bankers are required.

Tax Treaty Amendments clarify residency, dividend withholding limits, information exchange, and cross-border tax collection assistance.
Amendments revise definitions and residency to base residence on liability to tax under domestic criteria while excluding persons taxed only on source income and limiting partnership/trust application; restructure dividends to allow recipient state taxation with capped source state withholding for beneficial owners resident in the other State and special treatment for certain investment vehicles; delete the partnerships article; expand exchange of information and add provisions for tax examinations abroad, assistance in collection of revenue claims, and a limitation of benefits clause to deny treaty advantages when a principal purpose is obtaining them.

Approval as Scientific Research Association subject to use of funds, separate accounting, audit filing and donation reporting conditions.
National Institute of Ocean Technology, Chennai is approved as a Scientific Research Association permitting sums paid to it to be utilized for scientific research, provided it conducts research through faculty or enrolled students, maintains separate books of account for research receipts and expenditures, obtains an audit by a qualified accountant and files the audit report with the tax authority by the return due date, and maintains an auditor certified statement of donations and amounts applied for research; approval is withdrawable for specified non compliances.

Approval under section 10(23C)(vi) confirms conditional tax-exempt status subject to compliance with rule 2CA and conditions.
Approval under section 10(23C)(vi) of the Income-tax Act, read with rule 2CA, authorizes tax-exempt recognition for Manipal University, Jaipur on condition that the society conforms to and continues to comply with the eligibility and procedural requirements of the cited provision and rule.

Correction of notification: project title and cost amended to designate Children's Home Project and update cost.
Corrigendum to an income-tax notification replaces the project designation "Sevalaya Primary School Building Project" with "Children's Home Project" and amends the published project cost to a revised aggregated amount that includes a corpus fund component, by directing that the cited portions of the original notification be read as so amended.

Capital gains account scheme now includes eligible companies and adds joint-application closure, AO approval, and form signature changes.
Amendment incorporates eligible companies under section 54GB into the Capital Gains Account Scheme by inserting references to section 54GB throughout the Scheme and amending Forms A, C and G. It establishes that an eligible company may close its account only by a joint application signed by the eligible assessee and with approval of the Assessing Officer, filed in Form G, and directs the deposit office to credit the account balance and accrued interest to the depositor's bank account. Signature lines for the eligible assessee are added to affected forms.

ITR V filing deadline for AY2010 11 and AY2011 12 extended to 31 December 2012 or 120 days from upload.
The Director General (Income Tax Systems) directs that ITR V forms for electronic returns filed without a digital signature for AY 2010 11 and AY 2011 12 may be submitted up to 31 December 2012 or within 120 days from the date of uploading of the electronic return data, whichever is later, to mitigate hardship to taxpayers prevented by reasonable causes from timely filing.