Arm's length price tolerance set; actual transaction price deemed arm's length when variation falls within notified tolerances.
Notification prescribes a tolerance band for determining arm's length price under section 92C, deeming the actual transaction price to be the arm's length price where variation between the statutory arm's length price and the actual price falls within prescribed tolerances. It distinguishes wholesale trading by objective criteria-high purchase cost share of finished goods and low average monthly closing inventory relative to sales-and applies a narrower tolerance to such trading while applying a wider tolerance to other transactions, thereby limiting transfer pricing adjustments within the notified band.

Karnataka Housing Board granted tax exemption under section 10(46A), effective AY2024 25, subject to maintaining board status and specified purposes.
Central Government notification recognises Karnataka Housing Board (PAN: AAAJK0398K) under the clause granting tax exemption in section 10(46A), effective from assessment year 2024 25, conditional on continued constitution under the Karnataka Housing Board Act, 1962 and retention of one or more purposes specified in the relevant sub clause; the memorandum records retrospective effect without adverse impact on any person.

Rectification under section 154 and demand notices under section 156 delegated to CPC Bengaluru, with permitted downstream delegation.
The Commissioner of Income-tax, Centralized Processing Centre, Bengaluru is empowered under section 120 to rectify apparent mistakes under section 154 and to issue demand notices under section 156 in cases where orders were passed via the AO-CPC interface, covering specified territorial areas, persons, cases and all income classes; the Commissioner may delegate these powers in writing to Additional/Joint Commissioners, who may further delegate to Assessing Officers, and the notification is effective from Gazette publication.

Bilateral tax treaty sets PE rules, withholding caps for dividends/interest/royalties, exchange of information and anti abuse test.
The Agreement establishes rules to avoid double taxation and prevent fiscal evasion for taxes on income by defining persons covered, taxes in scope, residency tie breakers and comprehensive definitions. It sets a broad concept of permanent establishment with attribution of business profits on an arm's length basis, prescribes source taxation and withholding caps for dividends, interest, royalties and fees for technical services, allocates capital gains, and provides relief through tax credits, a Mutual Agreement Procedure, exchange of information, assistance in collection, and an anti abuse principal purpose test.

Institute of Advanced Medical Research approval grants scientific research tax recognition for five assessment years.
Approval is accorded to M/s Institute of Advanced Medical Research & Innovations Forum for Scientific Research under clause (iia) of sub section (1) of the Income tax Act read with the Income tax Rules, identifying the entity by PAN and registered office. The notification is issued by the Principal Chief Commissioner of Income Tax (Exemptions) and applies for five Assessment Years, from AY 2025 26 to AY 2029 30, with a certification that retrospective effect does not adversely affect any person.

Mazumdar Shaw Medical Foundation approved for scientific research recognition under income tax rules, valid AY 2025-26 to 2029-30.
Approval is accorded to M/s Mazumdar Shaw Medical Foundation for recognition for Scientific Research under the income tax provision governing research expenditure read with the implementing rule; the entity is identified by PAN and address. The approval applies for five assessment years from 2025-26 to 2029-30 and is issued by the Principal Chief Commissioner of Income Tax (Exemptions) with a certification that retrospective effect does not adversely affect any person.

Tax exemption under section 10(46A) granted to a notified housing authority, effective from an earlier assessment year.
Notification recognises U.P. Awas Evam Vikas Parishad as an authority for the purposes of clause (46A) of section 10 of the Income-tax Act, making its specified income eligible for tax exemption, conditional on its constitution under the Uttar Pradesh Awas Evam Vikas Parishad Adhiniyam, 1965 and continuation of one or more specified purposes; effective from the assessment year 2024-2025 with certification that no person is adversely affected by retrospective effect.

Tax exemption under section 10(46A): Rajasthan State Seed and Organic Certification Agency notified as authority, effective assessment year 2024-2025
Central Government notifies Rajasthan State Seed and Organic Certification Agency (PAN: AAAAR4064L) as an authority constituted under the Seeds Act, 1966 for purposes of the income-tax exemption clause corresponding to clause 46A of section 10. The notification is effective from assessment year 2024-2025, conditional on the assessee continuing to be an authority under the Seeds Act with one or more specified purposes. An explanatory memorandum states no person is adversely affected by retrospective effect.

Chennai Metropolitan Water Supply and Sewerage Board granted tax exemption on specified income, effective assessment year 2024-25.
Central notification grants tax exemption on specified income to the Chennai Metropolitan Water Supply and Sewerage Board, constituted under the 1978 Act, effective from assessment year 2024-2025, subject to the continuing condition that the Board remains constituted under the Act and retains one or more of the purposes specified in the exemption clause; the explanatory memorandum certifies no person is adversely affected by retrospective effect.

Jhansi Development Authority notified as eligible for income-tax exemption under section 10(46A), effective AY2025-26, subject to conditions.
Notification designates Jhansi Development Authority as eligible for income-tax exemption under clause (46A) of section 10, effective from the assessment year 2025-2026, conditional on the Authority's continuing constitution under the Uttar Pradesh Urban Planning and Development Act, 1973 and its fulfilment of the specified purposes; the memorandum certifies no person is adversely affected by retrospective effect.

Tax exemption under section 10(46) extends specified income relief to notified Legal Services Committee, subject to conditions.
Notification under section 10(46) notifies the High Court Legal Services Committee (PAN AAAAH6532R) as exempt in respect of specified income: costs imposed by the Punjab & Haryana High Court; grants received from Central and State Governments, government agencies and other authorities for purposes of the Legal Services Authorities Act, 1987; and interest on bank deposits. The exemption is conditional on absence of commercial activity, unchanged activities and income nature, and filing returns under clause (g) of sub-section (4C) of section 139. The notification is retrospective for certain assessment years and applies to subsequent assessment years as specified.

Tax exemption for specified authority income under statutory provision, subject to non-commercial and filing conditions.
Notification exempts specified income of the Real Estate Regulatory Authority, Jaipur-government grants/loans, fees and penalties under the Real Estate (Regulation and Development) Act, 2016, and interest on those receipts-under clause (46) of section 10. The exemption is conditional on no commercial activity, unchanged character of activities and income, and filing returns per clause (g) of sub-section (4C) of section 139; it is applied retrospectively and to specified future assessment years.

Tax exemption under section 10(46A) granted to Tamil Nadu Electricity Regulatory Commission, effective from assessment year 2024-25.
Notification designates Tamil Nadu Electricity Regulatory Commission as eligible for income exemption under section 10(46A) of the Income-tax Act, effective assessment year 2024-25, subject to the continuing condition that the commission remains constituted under the Electricity Act, 2003 and pursues one or more of the qualifying purposes set out in the relevant sub-clause; the explanatory memorandum certifies no adverse effect from retrospective application.

Tax exemption on specified income granted to a state urban development authority, effective from the stated assessment year.
Notification grants a tax exemption for specified income to Ghaziabad Development Authority, recognised as an authority under the Uttar Pradesh Urban Planning and Development Act, 1973, effective from assessment year 2024-2025, conditional on continuity of its statutory authority status and retention of one or more of the specified purposes set out in the enabling clause; explanatory memorandum certifies no person is adversely affected by retrospective effect.

Legislative corrigendum corrects drafting and typographical errors in the Income-tax Act, 2025 and the Bills of Lading Act, 2025.
Corrigendum correcting multiple drafting and typographical errors in the Income-tax Act, 2025, including replacement, insertion, deletion and grammatical corrections to words and phrases across specified pages, lines, headings and marginal notes. A further corrigendum corrects the Bills of Lading Act, 2025 by substituting "done or taken" for "or taken" in the published Gazette version.

Tax exemption for specified educational board income expands to fee and interest receipts, subject to non-commercial and filing conditions.
Notification under clause (46) of section 10 grants tax exemption to the Central Board of Secondary Education, Delhi for specified income heads-examination fees; affiliation fees; registration, sports, training and academic receipts; receipts from Board projects/programmes; interest on deposits/securities/loans and income tax refunds; and interest on those receipts-subject to conditions prohibiting commercial activity, maintaining unchanged activities and income nature, and specified return filing for the notified financial years.

Tax exemption for specified income limits relief to fees, subscriptions and interest while imposing non commercial and filing conditions.
Notification grants tax exemption under clause (46) of section 10 to Maharashtra State Pharmacy Council for specified income limited to fees and subscriptions and interest income, subject to conditions that it shall not engage in commercial activity, the activities and nature of specified income remain unchanged, and it files income-tax returns as required under clause (g) of sub-section (4C) of section 139; the notification is given retrospective effect for the financial years listed and includes a certification that no person is adversely affected by retrospective operation.

Tax exemption for specified public receipts conditioned on noncommercial activity and mandated return filing.
Notification exempts specified receipts of The Commissioners for the Rabindra Setu under section 10(46), covering municipal and railway tax proceeds, rental and maintenance and related miscellaneous receipts, and interest on bank deposits, subject to conditions that the body refrain from commercial activity, keep activities and income unchanged during the relevant years, and comply with the prescribed income tax return filing requirement.

Tax exemption under section 10(46A) grants Lucknow Development Authority relief, effective from assessment year 2024-25.
Notification under section 10(46A)(b) designates Lucknow Development Authority (PAN AAALL0016F) as an authority for clause (46A), effective from assessment year 2024-25, conditional on its continued constitution under the Uttar Pradesh Urban Planning and Development Act, 1973 and its continuance in having one or more purposes specified in sub-clause (a) of clause (46A). The explanatory memorandum certifies that no person is adversely affected by giving retrospective effect to the notification.

Computation of minimum investment updated: temporal references extended to later assessment years for exempt income rules.
Amends rule 2DCA of the Income tax Rules, 1962 to revise temporal references used in computing minimum investment and exempt income under clause (23FE) of section 10 by substituting earlier terminal years with later ones in sub rules (2), (3) and (4) and by updating calendar year references in Explanation 1 clauses (d), (e) and the proviso to clause (h); the amendment is effective on publication.