Specified pension fund recognition permits tax exemption for eligible investments subject to compliance, reporting and regulatory conditions.
The government specifies Stichting Pensioenfonds ABP as a specified person for a time limited income tax exemption for eligible investments in India, subject to conditions: timely return filing, furnishing Form No. 10BBC certificate, quarterly Form No. 10BBB reporting, maintenance of segmented accounts for exempt income, continued regulation under Netherlands law, use of assets solely to meet statutory obligations and defined contributions, prohibition on borrowings for investments in India, and restriction from day to day participation in investee operations while retaining monitoring rights. Violation of any condition disqualifies the fund from the exemption.

PAN quoting requirement eased for non-residents and foreign companies transacting in IFSC banking units without taxable income.
Amendments to rule 114B carve out companies and firms from the general PAN exception and permit a foreign company that lacks PAN and has no income chargeable to tax in India to submit Form No. 60 for transactions in an IFSC banking unit, with IFSC banking unit defined by reference to the International Financial Services Centres Authority Act. Corresponding exclusions are added to rules 114BA and 114BB so that specified PAN-related provisions do not apply to non-resident individuals (other than companies) and foreign companies transacting with IFSC banking units when they have no income chargeable to tax in India. The substituted Form No. 60 reflects these conditions and documentary requirements.

Exemption under section 10(46) for Dental Council of India covers specified incomes, subject to non commercial and filing conditions.
Central Government notifies clause (46) of section 10 to exempt Dental Council of India, New Delhi in respect of specified income: fees and subscriptions; income from royalty and publications; grants and subsidies from Government; and interest income from banks. The exemption is conditional on no commercial activity, unchanged activities and nature of specified income across financial years, and filing returns under clause (g) of sub section (4C) of section 139. The notification is deemed effective for assessment year 2023-2024.

Tax exemption for District Mineral Foundation Trusts covers specified contribution and interest incomes, subject to non commercial and filing conditions.
District Mineral Foundation Trusts constituted under the Mines and Minerals Amendment Act, 2015 are notified as a class of authority eligible for exemption under clause (46) of section 10, covering contributions by leaseholders, late payment interest from leaseholders, penalties charged to leaseholders, interest on DMF funds, savings account interest, and interest on excess funds in term deposits, subject to conditions prohibiting commercial activity, requiring unchanged activities and income nature across financial years, and mandated income tax return filing; applicability is set retrospectively for the stated assessment year and for specified subsequent assessment years for Trusts listed in the schedule.

Exemption under section 10(46) grants tax relief to National Farmers Welfare Program Implementation Society, subject to compliance conditions.
Notification under section 10(46) notifies the National Farmers Welfare Program Implementation Society as eligible for exemption in respect of specified incomes: Government grants; miscellaneous receipts (RTI, tender fees, fines and sale of obsolete items); and interest on deposits. The exemption is subject to conditions that the Society shall not engage in commercial activity, its activities and nature of specified income remain unchanged, and it files returns as required by clause (g) of sub-section (4C) of section 139. The notification applies retrospectively for the assessment year relevant to financial year 2021-2022 and for specified subsequent assessment years.

Exemption under section 10(46): Punjab Nurses Registration Council's fees and bank interest exempted subject to conditions and return filing.
Notification grants Section 10(46) exemption to Punjab Nurses Registration Council for fees from students and affiliated institutions and interest on bank deposits, subject to conditions that the Council shall not engage in commercial activity, its activities and the nature of the specified income remain unchanged, and it files income-tax returns as required by clause (g) of sub section (4C) of section 139; the notification is effective retrospectively for the relevant assessment years.

Option under section 115BAE requires co operative societies to file Form 10 IFA electronically with verification and non withdrawal affirmation.
A new rule requires a resident co operative society exercising the option under sub section (5) of section 115BAE for years relevant to assessment years from 1 April 2024 to furnish Form No. 10 IFA electronically (digital signature or electronic verification code). The form, signed by the principal officer, mandates corporate particulars, affirmations regarding non formation by split or reconstruction, permitted use of plant and machinery, exclusive engagement in specified manufacturing activities, and irrevocability of the option. Systems authorities shall prescribe filing procedure, data standards, verification code generation, and security and archival policies.

Audit and inventory valuation under section 142(2A): prescribed forms, nominated panels, time-sheet billing and valuation templates.
Amendments replace rules 14A and 14B to mandate Form No. 6B for audit reports and insert Form No. 6D for inventory valuation reports under section 142(2A). Chief Commissioners must maintain panels of nominated accountants and cost accountants; Assessing Officers must specify the reporting period in hours; accountants/cost accountants must maintain time-sheets and submit them with bills; and Chief Commissioners/Commissioners must ensure billed hours are commensurate with report scope. Form No. 6D prescribes detailed entity- and item-level disclosure, valuation methods, reconciliations with audited figures or Form No. 3CD, and justification for any variations.

Lower or no tax deduction certificates via TRACES streamline Form 13 filing, AO processing, and system issued certificate consumption.
Electronic filing on TRACES of Form 13 with Annexure II is mandated for applications seeking deduction of income tax at a lower rate or no deduction under section 197; applicants must register and authenticate via prescribed methods, submit supporting documents, and may track status. Applications are assigned to TDS Assessing Officers per jurisdictional rules and thresholds, processed with system suggested rates though AO may modify rates with reasons, escalated to Range Head or Commissioner for administrative approval, and upon approval a system generated certificate is issued and consumed by deductors on FIFO basis.

Valuation of unquoted shares: elective methods and merchant banker reports now determine fair market value with a limited deeming rule.
Amendment prescribes elective methods to determine the fair market value of unquoted equity shares and compulsorily convertible preference shares, including a net asset-based formula, merchant banker valuations (Discounted Free Cash Flow and specified alternative methods), and option to adopt issue prices where consideration from venture capital or notified entities falls within prescribed timing and aggregation limits; merchant banker reports within a prescribed pre-issue period may be deemed the valuation date and a deeming rule treats the issue price as fair market value when it does not exceed the computed valuation by a limited margin.

Classification of NBFCs under section 43B notifies Top, Upper and Middle Layer status per RBI guidelines.
Notification under clause (da) of section 43B notifies NBFCs classified in the Top Layer, Upper Layer and Middle Layer as the classes covered by that clause, with the layer definitions to be those in the Reserve Bank of India's circular dated October 22, 2021. The notification becomes effective from its publication in the Official Gazette.

Classification of NBFCs as top, upper and middle layers for income tax provision applicability and regulatory effect.
Notification designates NBFCs classified in the Top Layer, Upper Layer and Middle Layer as the classes of non-banking financial companies to which section 43D of the Income-tax Act applies, with classification to follow the Reserve Bank of India's guidelines and the notification effective from its publication in the Official Gazette.

Exemption under clause (46) of section 10: specified incomes of Uttar Pradesh Expressways Industrial Development Authority exempted subject to compliance.
Notification under clause (46) of section 10 notifies Uttar Pradesh Expressways Industrial Development Authority as eligible for exemption on specified incomes: state government grants; receipts from disposal of land, buildings and other properties; rent, fees and other charges from such disposals; income from tender, document and license fees; and interest on bank deposits and on these receipts. The exemption is conditional on no engagement in commercial activity, unchanged activities and specified incomes across financial years, and filing returns as required under the specified return filing provision; applied for assessment year 2023 2024.

Income exemption specification: designation of an investor protection fund trust under tax exclusion provisions, retrospective effect certified.
The Central Government has specified the Multi Commodity Exchange Investor (Client) Protection Fund Trust set up by Multi Commodity Exchange of India Limited, Mumbai as a trust qualifying under the provision corresponding to sub section (23EC) of section 10 of the Income tax Act for the assessment year 2014 15; the notification (No. 77/2023) includes an explanatory memorandum certifying that retrospective effect does not adversely affect any person.

Recognition of units of investment trusts and schemes in IFSC securities regime expands eligible listed securities for transfer treatment.
The notification amends the prior notification to add units of investment trusts, units of schemes, and units of Exchange Traded Funds launched under the Fund Management Regulations as categories of securities recognised as listed on a stock exchange located in an International Financial Services Centre, and inserts explanatory clauses defining "Investment Trust" and "Scheme" by reference to the Fund Management Regulations; the amendment comes into force on publication in the Official Gazette.

Exemption for Real Estate Regulatory Authorities: specified non-commercial income exempted subject to filing and activity conditions.
Notification under clause (46) of section 10 of the Income-tax Act, 1961 notifies Real Estate Regulatory Authorities as a class of Authority whose specified incomes are exempt, namely amounts received as grant-in-aid or loan/advance from Government, fee/penalty received from builders/developers/agents or other stakeholders under the Real Estate (Regulation and Development) Act, 2016, and interest earned on those receipts; exemption subject to non-engagement in commercial activity, unchanged activities/income across years, and filing returns under clause (g) of sub-section (4C) of section 139.

Tax exemption for specified income of public e governance society, subject to non commercial activity and filing conditions.
Exemption is granted to E-Governance Society, Department of Food, Civil Supplies and Consumer Affairs, Himachal Pradesh for specified receipts: grants from central and state governments; interest on investments and grants; tender/application fees; sale of scrap/waste paper; and recovery for POS machines. Conditions: no engagement in commercial activity; activities and specified income must remain unchanged across financial years; and filing of return of income in accordance with the prescribed filing provision. The notification is retrospective for assessment year 2023-2024.

Tax exemption under section 10(46): specified professional and regulatory fees of a state dental council exempted subject to conditions.
Notification under section 10(46) designates Rajasthan State Dental Council as exempt in respect of specified professional and regulatory receipts (application form sales; renewal, registration, qualification, late, no objection, duplicate certificate, good standing and continuing education fees) and interest on those receipts, subject to conditions prohibiting commercial activity, maintaining unchanged activities and incomes, and filing returns as required under the Income-tax Act; the notification applies retrospectively to the two immediately relevant assessment years.

Credit for TDS: electronic e Form requirement mandates filing, authentication, processing and forwarding procedures to claim TDS credit.
Rule 134 prescribes an electronic Application in Form No. 71 as the exclusive mode to claim credit under sub-section (20) of section 155 where tax on income returned in a relevant assessment year is deducted and paid in a subsequent year; Form No. 71 must be furnished electronically to the Principal Director General/Director General (Systems) or their authorised person with specified authentication, includes detailed tables and verification, and will be forwarded to the Assessing Officer, with the Systems authorities to prescribe procedural, security, archival and retrieval policies.

Perquisite valuation of residential accommodation expanded to include leased or rented accommodation provided by employer.
Corrigendum to Notification No. 65/2023 inserts the words "or taken on lease or rent" into line 1 of page 6 of the Gazette notification, to be placed after "where the accommodation is owned" and before "by the employer and the same accommodation is", thereby modifying the textual scope of the perquisite valuation provision for residential accommodation provided by an employer to an employee.