Presumptive taxation for small retail businesses now mandates turnover, profit and profit ratio disclosure in tax returns.
The rules amend Form No.1 to add section 44AF and insert a new item requiring disclosure by companies engaged in small retail trade of total turnover from such business, profits included in business income and the profit-to-turnover percentage; a follow-up item requires a Yes/No indication if income under the presumptive provisions for business, goods carriage or retail trade is less than the amounts specified. The form also adds a field for tax credit carried forward under section 115JAA and substitutes Part IV item 7 with a consolidated table of Chapter IV deductions.

Exemption eligibility and approvals for charitable institutions and infrastructure enterprises tightened, with prescribed applications and compliance requirements.
Rules amend the Income tax Rules, 1962 to set an annual receipts threshold for non profit educational institutions and hospitals, prescribe the Central Board of Direct Taxes as the authority to approve institutions under clause (23C)(vi)/(via) via Form No.56D with approvals limited to three assessment years, and create a Central Government approval process for enterprises under clause (23G) via Form No.56E requiring incorporation documents, project agreements, prior financial statements, audited books and provisions for withdrawal of approval where compliance or activity ceases.

Permanent Account Number requirement: quote PAN or GIR in specified high-value transactions and file designated forms if absent.
Rules 114B-114D require quoting PAN or GIR in documents for specified high-value transactions, permit GIR where PAN is unavailable, and mandate Form No. 60 when neither number exists. Minors may use a parent's or guardian's PAN/GIR for account opening. Agriculturists and certain non-residents are excepted from section 139A but must file Form No. 61 or supply passport copies respectively for specified transactions. Designated intermediaries must verify PAN/GIR or receive appropriate declarations and forward statements, declarations and passport copies to the Director of Income-tax (Investigation) within one month.

Tax exemption: Conditional notification grants income-tax relief to a cricket association subject to application, investment and non-distribution rules.
Notification grants conditional income-tax exemption to the Bulsar Cricket Association subject to requirements that income be applied or accumulated solely for its objects under the statutory accumulation and application rules, investments of funds be limited to prescribed modes (with limited exceptions for certain notified tangible voluntary contributions), and no distribution of income to members except grants to affiliated bodies; business income is excluded unless incidental to the objects and maintained in separate books.

Tax exemption for notified sporting association: conditional status requires restricted income application, permitted investments, and distribution limits.
The Archery Association of India is notified for tax-exempt status under clause (23) of section 10 subject to conditions: income must be applied or accumulated exclusively for its objects under section 11 as modified; investments on deposit are limited to modes permitted by section 11(5); income cannot be distributed to members except as grants to affiliated bodies; and profits from business are excluded unless incidental to objectives and recorded in separate books.

Specification of Resurgent India Bonds as deposits confirms tax treatment for foreign currency promissory note instruments.
Central Government specifies Resurgent India Bonds under section 10(15)(i) as deposits for income tax purposes, characterising them as bank instruments representing foreign currency denominated deposits issued as promissory notes by the State Bank of India, and exercising the power conferred by sub clause (i) of clause (15) of section 10 to designate them as deposits within that provision.

Section 35AC amendment substitutes the notified beneficiary name, reflecting a formal corrective change to the tax incentive notification.
Amendment under Section 35AC replaces the listed beneficiary name in an existing notification: the Central Government, on the National Committee's recommendation and exercising powers under the provision, substitutes the earlier organisation name with the amended organisation name in the notification's column entry, with no other alterations to the notification's terms indicated.

Exemption under section 35AC extended for construction of one-teacher school project, preserving tax-deduction eligibility for further assessment years.
The Central Government extends the tax-exemption designation under the Income-tax Act provision for the construction of 230 one-teacher schools by Bhartiya Shikshan Avam Shodh Parishad in specified Bihar villages, following a National Committee recommendation, by specifying the project as an eligible scheme for a further three assessment years commencing from assessment year 1999-2000.

Section 35AC exemption extended to land development and running of Shree Nirmal Vivek Institute; eligibility renewed.
The Central Government specifies that the project of land development, construction, furnishing, equipment and running of Shree Nirmal Vivek Institute of the Society for Welfare of Mentally Handicapped, Jaipur qualifies as an eligible project under section 35AC, following the National Committee's recommendation under sub rule (5) of rule 11M; the specification renews eligibility for a further three assessment years commencing with assessment year 1999-2000 and records an estimated project cost.

Exemption under section 35AC extended for construction of a Cobalt Therapy Unit, maintaining eligibility for specified donations.
Extension of tax exemption under section 35AC is granted for construction of a Cobalt Therapy Unit at M. B. S. Hospital Campus, Kota, sponsored by Kota Cancer Society. The National Committee, satisfied the project was being executed properly and recommended continuation under the rules; the Central Government, invoking statutory power, specified the project as an eligible scheme for a further assessment year and recorded the project's estimated cost and sponsoring details in the notification.

Exemption under section 35AC: outreach project for rural eye care specified and extended following committee recommendation.
The Central Government specified the Ishwar Charitable Trust's Expansion of Outreach programmes in rural neighbouring villages as an eligible project under section 35AC, following the National Committee's recommendation that execution was satisfactory, and extended the project's specification for a further three assessment years commencing from the assessment year 1999 2000, noting an estimated project cost.

Exemption under section 35AC: designation of Poona Blind Men's Association eye hospital as eligible project for extended tax benefit.
Central Government, exercising powers under Section 35AC of the Income tax Act, specifies the Poona Blind Men's Association 50 bed eye hospital at Mohammedwadi, Haveli, District Pune, Maharashtra as an eligible project for tax exemption purposes for a further period of three assessment years commencing from the assessment year 1999 2000, following a recommendation by the National Committee under sub rule (5) of rule 11M of the Income tax Rules, 1962, and stating the estimated project cost.

Exemption under section 35AC extends eligibility to an environmental preservation project, enabling tax-deductible contributions during specified years.
Central Government designates the Preservation of Environment and Ecological Planning Project at GIDC-Ankleshwar and Bharuch of Ankleshwar Environmental Preservation Society as an eligible project under the Income-tax Act at an estimated cost of one hundred eighty-six lakhs, for a further two assessment years commencing from the assessment year 1999-2000, following the National Committee's recommendation that the project is being executed properly.

Exemption under section 35AC: Palliative Care Centre project affirmed eligible and approved cost enhanced for tax benefit eligibility.
The Central Government designates the Palliative Care Centre project at Pune, run by Cipla Cancer and Aids Foundation, as an eligible project under the income-tax exemption provision for a period of three assessment years commencing with assessment year 1997-98, and specifies the estimated approved cost at rupees seven hundred fifteen lakhs including a corpus fund of rupees five hundred lakhs following the National Committee's recommendation.

Charitable exemption extended for recurring expenses of tribal residential school; qualifying contributions remain eligible for tax relief.
The Central Government, on recommendation of the National Committee and exercising powers under the relevant statutory provision, specifies recurring expenses for running the Saraswati Vidya Mandir Residential High School with vocational training centre at Ratnapur, Dhanbad, as an eligible project for a further three assessment years commencing with the assessment year 1999 2000, at an estimated cost of sixty six lakhs seventy five thousand rupees.

Tax exemption under section 35AC: specified institutions' approved projects qualify for deduction for limited assessment years.
The Central Government approves a list of charitable institutions and specifies for each the eligible project or scheme, the estimated project cost, and the maximum amount of that cost allowable as a deduction under the Income-tax Act for donations to those approved projects. The notification confines those approvals to a defined limited period of assessment years and records later amendments to particular entries, including adjustments to estimated costs and deductible maxima.

Jurisdictional reallocation of income-tax appeals reallocates appellate jurisdiction and transfers pending appeals to new appellate commissioners.
The Chief Commissioner, exercising powers under the Income-tax Act and prior Board notifications, abolishes a transferred appellate charge and directs that the Commissioners of Income-tax (Appeals) named in the attached Schedule shall perform appellate functions for persons assessed by the assessing officers and ranges specified against each Commissioner for appeals under the relevant tax statutes; pending appeals arising from transferred Wards/Circles/Special Ranges shall be transferred to and dealt with by the Commissioner to whom those units are assigned, with the order effective from the date of notification.

Investment by acquiring depository equity shares added to eligible investments under Income-tax Rules, effective on Gazette publication.
Amendment adds investment by way of acquiring equity shares of a depository to the list of permissible investments under the Income-tax Rules, 1962, by inserting a new clause in rule 17C; the change takes effect upon publication in the Official Gazette.

Capital gain reinvestment in specified bonds under section 54EA with conditional taxation on early transfer.
The notification specifies that M/s. Weizmann Limited may issue bonds for investment by assessees reinvesting proceeds arising from long term capital asset transfers; such investments must be out of income chargeable as capital gain. If the allottee transfers the bonds within three years of allotment, the initial investment shall be chargeable to tax under the head "Capital gain" in accordance with the statutory recapture provision.

Tax exemption notification: association granted conditional exemption subject to income application, investment and accounting requirements.
Notification grants U. P. Cricket Association exemption under clause of section 10 for specified assessment years subject to conditions: income must be applied or accumulated solely for the association's objects under the prescribed accumulation rules; investments other than specified voluntary-contribution articles must be in permitted modes; income distribution to members is prohibited except as grants to affiliated bodies; business income is excluded from the notification unless incidental to objectives and maintained in separate books.