Special Court designation establishes venue for income-tax and black-money prosecutions within specified districts after consultation.
The Central Government, invoking sub section (1) of section 280A of the Income tax Act, 1961 and section 84 of the Black Money Act, after consultation with the Chief Justice of the High Court of Bombay at Goa, designates the Senior Civil Judge and Chief Judicial Magistrate, Panaji, as the Special Court for North Goa and the Senior Civil Judge and Chief Judicial Magistrate, Margao, as the Special Court for South Goa, thereby allocating statutory jurisdiction for trials under those enactments within their respective districts.

Special Court designation under Black Money Act assigns jurisdiction for enforcement of undisclosed foreign income prosecution.
The Central Government, in consultation with the Chief Justice of the High Court, designates specified subordinate courts across Karnataka as Special Courts for their corresponding territorial areas for purposes of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, assigning jurisdictional responsibility to named Principal, Senior, Additional Civil Judges and Judicial Magistrates First Class to hear enforcement and prosecution matters under the Act.

Section 10(46) tax exemption for state electricity regulatory commission income granted subject to non commercial and filing conditions.
Notification under section 10(46) designates the Punjab State Electricity Regulatory Commission, Chandigarh as eligible for tax recognition for specified income: processing fees for tariff determination, licence fees, petition fees, and interest on bank deposits, subject to conditions that it shall not engage in commercial activity, that the activities and nature of the specified income remain unchanged, and that it files returns as required; the notification applies for the financial years 2021-2022 through 2025-2026.

Relaxation of Validation rules: prescribed form, manner and conditions for furnishing undertakings now apply mutatis mutandis.
The notification applies, mutatis mutandis, the form and manner of furnishing undertakings prescribed under specified Income-tax Rules to clauses (i), (ii) and (iii) of the first proviso to section 119, and similarly applies the prescribed conditions for undertakings to clause (iv) of the first proviso, thereby aligning undertaking format, submission process and conditional criteria with existing income-tax rule prescriptions.

Exemption from return filing for certain non-resident investors with only specified Indian investment income, subject to prescribed conditions and notices.
Exemption from filing a return of income from assessment year 2021-2022 is granted to two classes of non-residents: (i) non-residents (other than companies) and foreign companies whose only Indian income is from investment in the specified fund and for whom tax identification provisions are not applicable subject to procedural compliance; and (ii) eligible foreign investors who transacted only in IFSC-listed capital assets with foreign-currency consideration, have no other Indian income, and for whom tax identification provisions are not applicable subject to procedural compliance. The exemption is unavailable where a statutory notice for filing a return has been issued.

Indirect transfer undertakings: structured withdrawal, waiver and indemnity process enabling administrative refund and attachment revocation.
The amendment creates a procedure for relief in cases of indirect transfer of assets situate in India (pre-28 May 2012) requiring the declarant to submit an authorised undertaking in Form No.1 with undertakings from all interested parties and an indemnity bond, irrevocably withdrawing appeals, arbitrations and enforcement proceedings and waiving claims against India and Indian affiliates. On receipt the Commissioner may issue a certificate in Form No.2 or reject the undertaking; after filing the intimation in Form No.3 the Commissioner may grant relief by Form No.4, directing revocation of attachments and refund of recovered demand without interest, subject to prescribed timelines, proofs, public notice and enforceability under Indian law.

Safe harbour applicability extended to an additional assessment year and given retrospective effect from the start of the financial year.
The amendment extends the safe harbour applicability in rule 10TD to cover both the 2020-21 assessment year and the following assessment year, expanding the temporal scope of safe harbour relief for eligible transfer pricing arrangements. The rules are declared to be retrospectively effective from the first day of the financial year and the Explanatory Memorandum certifies no person is adversely affected by the retrospective operation.

Correction of corporate name: prior tax notification amended to replace an incorrectly printed company name with the correct registered name.
Corrigendum amends a prior tax notification published in the Gazette by replacing an incorrectly printed corporate name with the correct registered name in the specified lines of the original notification, thereby ensuring the official Gazette record accurately reflects the corrected corporate name.

Tax exemption notification under section 10(46): specified regulatory commission incomes exempted subject to compliance requirements.
Notification under section 10(46) recognises Gujarat Electricity Regulatory Commission for specified income-annual license fee, petition fee, and interest on deposits with nationalised banks/state sponsored institutions-subject to conditions: no commercial activity, unchanged activities and income nature across years, return filing per clause (g) of s.139(4C), and filing an audit report with the return verified under the explanation to s.288(2) along with a chartered accountant's certificate. Applicability limited to financial years 2021 22 through 2025 26.

Tax exemption for specified pension fund granted subject to compliance with regulatory conditions and potential disqualification on breach.
The Central Government designates BCI IRR India Holdings Inc. as a specified person under Explanation 1 to clause (23FE) of section 10 for eligible investments in India made from publication until the notified cut off, subject to conditions including timely income tax return filing, submission of Forms 10BBC and 10BBB, maintenance of segmented accounts, continued regulation under Canadian law, asset use and investment restrictions, prohibition on borrowings for Indian investments, and limitations on operational participation; breach of these conditions renders the fund ineligible for the exemption.

Time-limit extensions under the Taxation Relaxation Act extend deadlines for income-tax penalty proceedings, Aadhaar intimation and benami actions.
The notification specifies extended time-limits under the Taxation and Other Laws (Relaxation and Amendment) Act, 2020: for the Income-tax Act, penalty proceedings under Chapter XXI and Aadhaar intimation obligations are subject to prescribed end dates with extensions to a further notified date; for the Benami Act, issuance of notices and passing of orders are treated as within an earlier prescribed period and the time-limit for completing such actions is extended to a further notified date.

TDS exemption on interest: no deduction for payments to Scheduled Tribe residents in specified areas, subject to verification and reporting.
No deduction under section 194A is required for interest (other than interest on securities) paid by a scheduled bank located in a specified area to a member of a Scheduled Tribe residing in any specified area, provided the bank verifies the recipient's Scheduled Tribe status with documentary evidence, reports the payment in TDS statements under section 200(3), and the aggregate payments in the previous year remain within the prescribed limit; "scheduled bank" is as defined in the Reserve Bank of India Act.

Specified pension fund designation enables tax exemption for India investments subject to strict filing and governance conditions.
The Central Government designates 2726522 Ontario Limited as a specified person for tax exemption on eligible investments in India during the notification period, conditioned on filing returns, furnishing Form No. 10BBC, quarterly Form No. 10BBB filings, maintaining segmented accounts, being regulated under Canadian law, administering assets solely for statutory retirement or similar plans, limiting non-qualifying assets to government-owned holdings that vest on dissolution, prohibiting borrowings for investments in India, and avoiding day-to-day participation in investees; non-compliance renders the fund ineligible.

Specified pension fund designation enables tax exemption for qualifying investments in India, subject to prescribed compliance conditions.
2452991 Ontario Limited is specified as a specified person for the income tax exemption on eligible investments in India made from publication until the stated terminal date, conditional on compliance with filing obligations, certified compliance in prescribed form, quarterly investment disclosures, segmented accounting, regulation under Canadian law, asset use limited to statutory obligations and defined contributions for retirement and similar plans, prohibition on borrowings for Indian investments, limits on non qualifying assets, and restrictions on participation in investee day to day operations.

Prescribed income-tax authority: requirement that inquiries under section 142 be conducted by an authorised Income-tax Officer rank.
The amendment adds rule 12F to the Income-tax Rules, 1962, specifying that the prescribed income-tax authority under the second proviso to clause (i) of sub-section (1) of section 142 shall be an income-tax authority not below the rank of Income-tax Officer who has been authorised by the Central Board of Direct Taxes to act as such authority for the purposes of that clause.

Seller classification clarified: Air India not treated as seller for transfers to its assets holding unit under the approved plan.
Central Government specifies that Air India Limited shall not be regarded as seller for the purposes of the tax collection provision in relation to transfers of goods by it to Air India Assets Holding Limited under a Government approved plan, with the specification effective retrospectively from 1 April 2021.

Buyer status exclusion: assets-holding company not treated as buyer for section 194Q on approved intra-group transfers.
The Central Government specifies that an assets-holding company shall not be considered a buyer for the purposes of sub-section (1) of section 194Q of the Income-tax Act when goods are transferred to it by the operating airline under a Central Government-approved plan, thereby removing the withholding obligation on such transfers; the notification is retrospective to the first day of July and includes a certification that no person is adversely affected by the retrospective effect.

No tax deduction under section 194-IA on payments to Air India Limited for approved property transfer, applied retrospectively.
The Central Government, under sub-section (1F) of section 197A, specifies that no deduction of tax shall be made under section 194-IA on payments to Air India Limited for transfer of immovable property to Air India Assets Holding Limited under a Central Government-approved plan, with the specification effective from 1 April 2021 and an explanatory memorandum stating no person is adversely affected by the retrospective effect.

Deemed gift exclusion: equity shares received from government under strategic disinvestment not taxable under section 56(2)(x).
The amendment to rule 11UAC excludes movable property, being equity shares, of a public sector company received from the Central Government or any State Government under strategic disinvestment from being treated as income under the deeming provision; it adopts the statutory meaning of strategic disinvestment and takes effect from 1 April 2022 for the assessment year 2022-23 onward.

Transfer under section 47 clause viiaf: Air India to Air India Assets Holding notified, effective from assessment year 2022 23.
Notification invokes clause (viiaf) of section 47 to notify a transfer of capital assets from Air India Limited to Air India Assets Holding Limited under a Central Government-approved plan, identifying the transferor and transferee, and stating the notification takes effect from 1 April 2022 and applies to the assessment year 2022-2023 and subsequent assessment years.