Notification under section 10(46): specified income of National Biodiversity Authority exempted subject to non commercial and filing conditions.
Notification under section 10(46) notifies National Biodiversity Authority, Chennai as an authority for specified income - grants-in-aid, benefit-sharing fees and royalties, application fees, interest and penalties - subject to conditions that the Authority shall not engage in commercial activity, shall maintain activities and the nature of specified income unchanged, and shall file returns of income as required by the return-filing provision; the notification is effective retrospectively for financial year 2016-2017 and applies through specified subsequent financial years.

Tax exemption for notified autonomous science museum: specified income exempt subject to non-commercial operations, unchanged activities and required return filing.
Notification under section 10(46) designates the National Council of Science Museums, Kolkata as a notified autonomous body for exemption of specified income comprising grants-in-aid and subsidies from Government of India; fees or subscriptions from ticket sales; maintenance and facility charges for auditoria and public scientific/educational use; and interest from investments. The exemption is subject to conditions: the Council shall not undertake commercial activity, the activities and specified income must remain unchanged across the relevant financial years, and the Council must file income-tax returns in accordance with law.

Exemption under section 10(46): specified income of Haryana Electricity Regulatory Commission notified subject to conditions.
The Central Government notified Haryana Electricity Regulatory Commission under clause (46) of section 10 of the Income-tax Act in respect of specified income: government grants and loans; fees under the Electricity Act, 2003; and interest on those receipts. The notification is conditional on the commission not engaging in commercial activity, maintaining unchanged activities and the nature of the specified income, and filing its return of income as required; it applies to the financial years 2017-2018 through 2021-2022.

Tax exemption notification for State Pollution Control Board Odisha covers specified non-commercial incomes subject to non-commercial and filing conditions.
Central government notifies State Pollution Control Board, Odisha that specified receipts-statutory consent fees, central share of water cess, penalties and levies, grants in aid from central and state governments (including as nodal agency), interest, and contributions for environmental research-are recognised as specified income for tax exemption, subject to conditions that the board shall not engage in commercial activity, shall maintain unchanged activities and income character, and shall file returns in accordance with the prescribed return-filing provision; the notification is applied retrospectively to earlier fiscal years and prospectively to specified later years.

Administrative reallocation of income tax jurisdictions updates schedule entries and designations, effective on publication in the Official Gazette.
The notification substitutes Schedule entries for serial numbers 8, 9, 10 and 38, reallocating designations, headquarters and jurisdictions of specified Income-tax authorities (including Chief Commissioner and Principal Commissioner/Commissioner postings and the Large Taxpayer Unit), superseding earlier notifications to the extent provided and taking effect from publication in the Official Gazette.

Rescission of tax notifications terminates specified prior notifications, subject to actions completed before repeal, effective on publication.
The Central Board of Direct Taxes rescinds three prior Gazette notifications under its power in the Income-tax Act, subject to a savings provision preserving actions done or omitted before the rescission; the notification takes effect from its publication in the Official Gazette.

Transfer pricing documentation: Form 3CEFA requires disclosure of low value adding intra group services and related cost details.
Amendment expands disclosure obligations in Form No. 3CEFA, adding employee cost as an eligible international transaction item; requiring currency of denomination and credit rating details for loan transactions; and inserting a new requirement that assessees disclose specified particulars where they have engaged in international transactions for low value-adding intra-group services, including associated enterprise details, jurisdiction tax status, transaction description, amount, mark-up and whether transfer pricing aligns with the prescribed pricing circumstances.

Fair market value determination for unquoted shares: prescribed formula apportions adjusted asset value by paid-up capital ratio.
The fair market value of unquoted equity shares is prescribed by a formula that aggregates adjusted book value of specified assets, market valuation of jewellery and artistic work, fair market value of shares and securities, and stamp-duty value of immovable property, less defined liabilities; that aggregate is allocated to the equity shares using the ratio of the paid-up value of such shares to total paid-up equity share capital shown in the balance sheet.

Payer identification replaces lender or depositor phrasing in notification reporting requirements, clarifying required payer details.
Corrigendum to Notification No. 58/2017 replaces the phrase "name, address and Permanent Account Number (if available with the assessee) of the lender, or depositor or person from whom specified advance is received;" with "name, address and Permanent Account Number (if available with the assessee) of the payer;" in both clause (d), sub clause (i), and clause (e), sub clause (i), thereby standardising the identification wording to refer to the payer.

Interest on securities exclusion clarifies withholding tax scope, excluding securities referred to in the proviso to section 193.
The amendment substitutes the phrase "interest on securities" in rule 29B(1)(i) and in Form No.15C with "interest on securities (other than interest payable on securities referred to in the proviso to section 193)", thereby excluding the securities described in that proviso from the specified withholding rule and the related form obligations.

Reporting of large loans and repayments: revised Form 3CD mandates detailed counterparty and payment mode disclosure.
The Rules substitute serial 31 in Form No. 3CD to require auditors to disclose, for each loan, deposit, specified sum or repayment exceeding the prescribed cash-transaction limits, the name, address and PAN (if available) of the counterparty, amount, maximum outstanding during the year, mode of receipt or repayment (cheque, bank draft or electronic clearing) and whether cheques/drafts were account payee; Government, banking companies, government companies and statutory corporations are exempt from furnishing these particulars.

Cash receipt restriction exemption for banking correspondents and payment instrument issuers limits applicability of the cash-prohibition.
Exemption from the cash-receipt prohibition under section 269ST is specified for receipts by business correspondents acting for banks or cooperative banks under RBI guidelines; receipts by white label ATM operators from retail outlets acting for banks under RBI authorisation; receipts from agents to prepaid payment instrument issuers under RBI authorisation; receipts by credit card issuers against credit card bills; and receipts excluded from total income under clause (17A) of section 10.

National Savings Certificates: maturity set at five years for purchases from July 1, 2017 with specified interest accrual.
Certificates purchased on or after 1 July 2017 have a five-year maturity from date of issue; annual interest for a Rs.100 denomination accrues at 7.80, 8.41, 9.06, 9.77 and 10.55 rupees in years one through five, with interest accrued up to the end of the fourth year deemed reinvested and aggregated with face value; amount payable on encashment after maturity is Rs.145.58 for Rs.100 denomination, with proportionate rates for other denominations.

Post Office Monthly Income Account: 7.5% annual interest for deposits from 1 July 2017 onwards.
The rules amend the Post Office (Monthly Income Account) Rules, 1987 by inserting clause (p) in rule 8(1) to prescribe an interest rate of 7.5 per cent per annum for deposits made on or after 1 July 2017; the amendment is deemed to have come into force on 1 July 2017.

Aadhaar-PAN linking requirement: procedures for submission via specified modes, authentication and possible rejection on data mismatch.
Prescribes modes and formats for intimating Aadhaar to the Income-tax Department by PAN holders-SMS in specified format, online via PAN service providers or e-filing portal, or at designated PAN centres-with required proof (Aadhaar copy or Enrolment ID). Links Aadhaar to PAN only after UIDAI authentication using permitted modes and after matching Aadhaar data with PAN data; mismatches may lead to rejection. Requires service providers to limit use of Aadhaar identity data to UIDAI authentication, to transmit demographic data to the Department only for linking, and to implement security, archival and retrieval policies.

Aadhaar-PAN linkage requirement: PAN holders must intimate Aadhaar or enrolment ID to the tax systems authority.
Amendment requires PAN holders who must quote Aadhaar to intimate their Aadhaar number or enrolment ID to the designated Income-tax Systems authority; that authority shall specify formats, standards and procedures for verification, and ensure secure capture, transmission, archival and retrieval of PAN application and Aadhaar intimation data. Form 49A is amended to require Aadhaar number or enrolment ID, name as per Aadhaar, and to include Proof of Date of Birth among acceptable documents.

E Proceeding facility: electronic conduct of section 143(2) scrutiny notices with three standardized notice formats and specified exceptions.
The Board prescribes revised standardized notice formats under section 143(2) - Limited Scrutiny, Complete Scrutiny and Compulsory Manual Scrutiny - and mandates their exclusive use. Each notice informs the assessee of selection for scrutiny, invites submission of evidence by a specified date, and directs that evidence and further proceedings shall be furnished and conducted through the 'E Proceeding' facility on the e Filing portal, subject to enumerated exceptions. Interim manual or e mail handling is permitted until an e Filing account exists, and cases under section 153A/153C read with section 143(3) will be conducted manually.

Major Head Code removal clarifies the Form field by deleting preset code entries in tax deduction statement forms.
The corrigendum to Notification No. 48/2017 amends Form No. 26QC by deleting the previously printed entries for the Major Head Code and replacing that portion with a blank Major Head Code field, removing any preset numeric code from the form.

Designation under Income tax law: Joint Secretary (Ops.), NATGRID specified to receive prescribed bulk information from tax authorities.
The notification specifies the Joint Secretary (Ops.), NATGRID in the Ministry of Home Affairs as the recipient authorized under the Income tax Act to receive information, and links this specification to a CBDT order that designates a tax administration unit as the authority to furnish bulk information on prescribed parameters to that NATGRID official.

Associated enterprise and parent company disclosure updated: revised Form 3CED requires detailed identification and taxpayer IDs.
The Income tax Rules amend Appendix II, Form No. 3CED by substituting items 3 and 4 to require, for APAs, detailed identification of Associated Enterprises (name, country of residence, and taxpayer identification/functional equivalent/unique governmental identifier) and comprehensive particulars of Immediate and Ultimate Parent companies (name, address, country of residence, and taxpayer identification/functional equivalent/unique governmental identifier).