Section 35AC deduction expanded to increase the approved project cost cap, permitting larger qualifying charitable expenditure.
The Central Government notifies "Supporting the Leprosy Mission Hospitals" as an eligible project under Section 35AC and, following the National Committee's recommendation, amends the prior notification to increase the maximum allowable project cost used for deduction purposes from the previously specified amount to the newly specified higher amount, thereby modifying the ceiling for qualifying expenditure eligible under the provision.

Tax incentive eligibility extended for a rural drinking water project, preserving approved cost while limiting certificate issuance.
The Central Government notified extension of eligibility for tax incentives to the Hindvi Swarajya Pratistan rural drinking water hand-pump project for a further three-year period commencing with financial year 2010-11, relying on the National Committee's recommendation that the project was properly executed and preserving the previously approved project cost without change; however, no certificate shall be issued for the already-lapsed 2010-11 year.

Extension of eligible project under section 35AC approved following committee recommendation, allowing one-year continuation without cost change.
The Central Government notifies continuation of the Safe motherhood and child survival project by Deepak Charitable Trust as an eligible project under section 35AC for one further year beginning with financial year 2012-13, without any change in the approved cost of Rs. 24.96 crore, following the National Committee's recommendation under rule 11M(5) that the project is being executed properly.

Eligible project notification extends Sankara Eye Hospital's vision scheme, preserving approved cost and corpus for further tax benefit.
Notification extends the eligible project status of the "Kannoli - Vision Saver" scheme by Sankara Eye Hospital, Chennai, for a further three-year period commencing 2011-12, preserving the previously approved project cost including the corpus fund unchanged. The extension was made after the National Committee for Promotion of Social and Economic Welfare recommended continuation under rule 11M on the basis that the project was being executed properly, and the Central Government exercised powers under the Explanation to section 35AC to notify the renewed eligibility.

Tax deduction under section 35AC: government notifies eligible institutions and projects, permitting specified deductible costs.
Central government notifies specified charitable institutions and approves identified projects and estimated costs, specifying the maximum amount of such costs that may be allowed as a deduction under section 35AC. The notification lists thirty one institutions with project descriptions and cost caps, includes corpus fund specifications where applicable, and states that the approvals apply for a three year period commencing with the 2011-12 financial year; later substitutions to certain amounts are recorded.

National Savings Certificates-IX designated as a class, bringing it under the Government Savings Certificates Act.
Specification that National Savings Certificates-IX constitutes a class of savings certificates to which the Government Savings Certificates Act, 1959 applies, effected by a Central Government notification issued under the statutory power to designate classes of savings certificates and thereby subject the NSC IX Issue to the Act's regulatory regime.

Alternate minimum tax compliance: certified accountant report in prescribed form required for LLPs to compute adjusted total income and AMT.
Rule 40BA and Form No.29C require a certified accountant's report from eligible auditors for limited liability partnerships to compute adjusted total income and alternate minimum tax; the report must certify computations in accordance with the Income tax Act chapter, rely on details in Annexure A, and declare the particulars true and correct, with Annexure A listing assessee identification, pre adjustment total income, applicable deductions, adjusted total income and the alternate minimum tax computation.

Discontinuance of Kisan Vikas Patras sale announced, terminating further sales and subscriptions under the scheme.
Discontinuance of sale of Kisan Vikas Patras is notified, stating that sales shall cease with effect from the close of business on 30 November 2011, terminating further sale and subscription of the instrument.

National Savings Certificates issuance rules govern purchase, transfer, pledging, nomination and tax treatment of accrued interest.
Rules set the statutory regime for National Savings Certificates (IX Issue): defined types and denominations; purchase procedures via prescribed forms at authorised Post Offices; payment modes and dating rules; transfer and pledging subject to authorised Postmaster consent and eligibility conditions; duplicate certificate procedures on indemnity or guarantee; nomination, cancellation and nominee rights; ten year maturity with annual interest accrual and deemed reinvestment; limited premature encashment rules and encashment locations; taxation of interest on annual accrual; prescribed fees; Post Office non liability for fraudulent encashment; correction and relaxation powers.

Post Office Monthly Income Account amendments set 8.2% interest from Dec 1, 2011 and no bonus on new accounts.
The amendment sets the rate of interest at 8.2 per cent per annum for deposits made on or after 1 December 2011 and takes effect from that date. It provides that deposits made at account opening on or after 1 December 2011 shall be paid by the post office on or after expiry of five years from opening, and that no bonus shall be paid on such deposits.

National Savings Certificates: five-year maturity, specified annual interest accruals, and graduated encashment values for post Dec 2011 purchases.
Amendment effective 1 December 2011: certificates purchased on or after that date have a five-year maturity and pay Rs.150.90 on encashment after maturity for Rs.100 denomination (pro rata for other denominations). Annual interest accrues at Rs.8.58, Rs.9.31, Rs.10.11, Rs.10.98 and Rs.11.92 per year for years one through five per Rs.100, with interest through year four deemed reinvested. A graduated encashment table specifies amounts payable per Rs.100 for encashment between three and five years, with discount adjustments where applicable.

Public Provident Fund interest adjustment applies to subscriptions after the effective date, modifying annual interest entitlement.
Subscriptions to the Public Provident Fund and balances at the credit of the subscriber made on or after the 1st day of December, 2011 shall bear interest at the prescribed annual rate notified by the government.

Investment scope widened: maturity proceeds must be reinvested in Central and State Government securities under amended rule.
Amendment to Rule 9 inserts authority to invest "or in any other instrument" alongside State Government Securities and omits the proviso to sub rule (1). It substitutes sub rule (10) to require that amounts received on maturity be reinvested in Central Government and State Government securities issued per sub rule (3), and that suitable accounting entries referred to in sub rules (5) and (6) be made by the designated accounting authority.

Interest provision change for monthly income accounts imposes deferred payment and excludes bonus for new accounts from the operative date.
Amendment adds a new clause to rule 8(1) specifying the annual interest applicable to deposits made on or after the operative date, and inserts provisos in rule 9(1) that defer payment by the paying post office until five years from account opening and exclude any bonus for accounts opened on or after the operative date.

Premature withdrawal rules revised: altered interest computation and new deposit rate table effective from December onwards.
The amendment inserts Table-R, applicable to deposits made on or after 1 December 2011, specifying annual interest rates for one-, two-, three- and five-year deposits and revises rule 7's Notes to reference Table Q or Table R. Rule 8 is revised so that premature withdrawals after six months but before one year earn simple interest at the Post Office savings rate, while withdrawals after one year in multi-year accounts earn interest for completed years and months at a rate one percent less than the relevant tenure rate specified in the applicable Table under rule 7.

Public Provident Fund contribution ceiling raised and late payment interest rate increased under amended Scheme provisions.
Amendment increases the maximum annual contribution ceiling under the Public Provident Fund Scheme by substituting the prior lower cap with a higher cap in the Scheme text and in Form A, and revises the Scheme's rate for delayed payments by replacing the previous single-percentage rate with a higher single-percentage rate, with a specified commencement date for these substitutions.

Recurring deposit rules amendment adds payable tables and revises post maturity and nominee payment provisions for new accounts.
Amendments to the Post Office Recurring Deposit Rules, 1981 substitute schedule entries in rule 9, update cross references in rules 10-12 to include newly inserted Tables 44-46, and prescribe payable amounts and computation tables for accounts opened on or after the stated commencement date, covering continuation with monthly deposits, continuation without fresh deposits, and nominee/legal heir payables on depositor's death.

Interest rate on post office savings accounts fixed by notification as an annual rate, effective from early December.
Government notification under the Post Office Savings Account Rules, 1981 fixes interest on balances at credit of Post Office savings accounts at an annual rate of four per cent, effective from 1 December 2011, specifying the operative interest payable on deposited balances.

Commission rates for small savings agents revised, certain scheme commissions discontinued and state incentives offset against central commission.
Notification sets commission for MPKBY agents at 4% for Five Year Recurring Deposit accounts and for SAS agents at 0.5% for One Year, Two Year/Three Year and Five Year Time Deposits, Monthly Income Account, Five/Six Year NSC (VIII Issue) and Ten Year NSC (IX Issue). It discontinues commission on Public Provident Fund and Senior Citizens Savings Scheme and provides that state/UT incentives will be reduced from central commission payments. Effective date: 1 December 2011.

Branch authorisation for Bank of India to accept PPF and Senior Citizens Savings subscriptions, subject to timely remittance and penalties.
Authorisation is granted to specified branches of Bank of India to receive subscriptions under the Public Provident Fund Scheme, 1968 and Senior Citizens Savings Scheme Rules, 2004, effective immediately. Conditions: remittances must be credited to Government Account at RBI CAS Nagpur within three days; delayed remittances attract penalty equal to interest payable to depositor plus an additional surcharge depending on delay duration; non observance of scheme rules may lead to penal action or de authorisation and pecuniary liabilities will be borne by the bank.