Valuation procedures set standards for determining fair market value and require approved valuers and standardized reports.
Rules provide a mechanism for approval and requisition of persons, entities or registered valuers by senior tax officers through application in Form No. 6C, require disposal of applications within six months and issuance of a Designated Approval Number; permit requisition of unapproved persons with recorded reasons and retrospective approval within thirty days. Valuation under subsection (9D) prescribes valuation bases: stamp-duty plus construction cost for immovable property, rule 11UA methods for jewellery and certain assets, and open market price where other methods are inapplicable; valuation reports must be submitted in Form No. 6CA with detailed methodology, assumptions and verification.

Exemption from specified income granted to Swasthya Sathi Samiti covering government grants and bank interest subject to conditions.
Notification exempts Swasthya Sathi Samiti, Kolkata, from tax on specified income comprising Government of West Bengal grants and bank interest, subject to conditions: no commercial activity, unchanged activities and income nature across the relevant years, and filing returns under clause (g) of sub section (4C) of section 139; the exemption is retrospective to the assessment year for financial year 2021-2022 and applies to subsequent specified assessment years.

Tax exemption for statutory authority: UIDAI's specified income exempted subject to non-commerciality and return-filing conditions.
Notification under section 10(46) recognises the Unique Identification Authority of India as eligible for exemption of specified incomes: central grants/subsidies; fees and subscriptions (including RTI and tender fees, sale of scrap, PVC card receipts); authentication, enrolment and updation charges; term/fixed deposit receipts; and interest on these receipts. The exemption is subject to conditions that the Authority shall not engage in commercial activity, the nature of activities and specified incomes remains unchanged, and the Authority files income-tax returns as mandated by clause (g) of sub-section (4C) of section 139.

Exemption for welfare board income: labour cess, contributions and interest notified as specified tax-exempt receipts.
Notification grants specified income exemption to Punjab Building and Other Construction Welfare Board for labour cess collection, contribution collection, and interest earned on those collections, subject to conditions that the Board shall not engage in commercial activity, its activities and the nature of the specified income remain unchanged during the financial years, and it files returns of income as required by the return-filing provision in clause (g) of sub-section (4C) of section 139.

Exemption for District Mineral Foundation Trust exempts specified DMF receipts from income tax subject to non commercial and filing conditions.
Notification designates District Mineral Foundation Trust as a notified class of Authority under clause (46) of section 10, exempting specified receipts-leaseholder contributions, interest on late payments, penalties, interest on DMF funds, savings account interest and term deposit interest-subject to conditions that Trusts not engage in commercial activity, maintain unchanged activities and income character across years, and file income tax returns as prescribed; the notification is applied retrospectively to the listed Trusts in the schedule.

Valuation of residential accommodation revised: new employer-provided housing perquisite rules determine taxable value and furniture treatment.
The amendment substitutes rule 3 to prescribe computation of the value of residential accommodation as a perquisite: a table differentiates Central/State Government-provided accommodation, other employer-owned or leased accommodation, and hotel accommodation with distinct bases for unfurnished and furnished units; furniture cost or hire charges are added where applicable; employer-owned valuations use salary-percentage benchmarks by city category reduced by rent paid by the employee; leased accommodation uses the lower of actual lease rental or a salary benchmark reduced by employee-paid rent; hotel valuation uses the lower of a salary-linked fraction or actual hotel charges, with specified exclusions and provisos.

Rate of exchange for TDS on foreign currency: telegraphic transfer buying rate of State Bank of India on deduction date.
Rule 26 prescribes that for deduction of tax at source on income payable in foreign currency the rate of exchange shall be the telegraphic transfer buying rate of the foreign currency adopted by the State Bank of India, applied on the date tax is required to be deducted. The rule applies to payments to an assessee outside India, to a Unit in an International Financial Services Centre, and by such a Unit to an assessee in India, and includes definitions for key terms.

Income exemption under section 10(46): grants, fees and related interest to Haryana Water Resources Authority exempt subject to conditions.
Notification treats the Haryana Water Resources (Conservation, Regulation and Management) Authority as an exempt authority so that grants from the State Government, application and tariff fees from users, and interest on those amounts are excluded from total income, subject to conditions that the Authority shall not engage in commercial activity, its activities and specified income remain unchanged across the financial years, and it files income-tax returns as required under the relevant filing provision; the notification is effective retrospectively for the assessment years relevant to financial years 2021-22 and 2022-23.

Income exemption for Urban Improvement Trust Udaipur: specified categories excluded from total income subject to compliance conditions.
Notification under clause (46) of section 10 of the Income-tax Act, 1961 declares Urban Improvement Trust Udaipur eligible to exclude specified income from total income: grants from the State Government; proceeds from disposal of land, buildings and properties; rent or lease receipts; fees, interest and other charges under the Rajasthan Urban Improvement Trust Act, 1959; interest on those receipts; and interest on loans from the State Government. The exclusion is subject to conditions: no commercial activity, unchanged activities and income nature across financial years, and filing returns under clause (g) of sub-section (4C) of section 139.

Taxation of life insurance proceeds: new rules compute taxable income on policy payouts by deducting non deducted premiums.
Rules compute taxable income on life insurance policy receipts as A - B for the first year of receipt and C - D for subsequent years, where A/C are sums received and B/D are aggregates of premiums paid up to receipt date that have not been claimed as deductions nor already accounted for in prior years. The provision excludes unit linked insurance policy receipts and amounts specified as income under clause (iv) of sub section (2) of section 56 from the definition of sums received.

Exemption from specified income: state pollution control board's listed receipts exempted subject to non commerciality, unchanged activities and prescribed tax filing.
Notification under section 10(46) declares State Pollution Control Board Odisha exempt in respect of specified incomes: regulatory charges, penalties and levies, grants in aid (including as nodal agency), contributions for studies and research, miscellaneous receipts (sale of scrap, sale of assets profit, RTI fees, forfeiture of bank guarantees, tender/examination/analysis/consultant fees) and interest on these receipts, subject to conditions of non commerciality, unchanged activities/income nature, and filing returns per clause (g) of section 139(4C).

Income-tax exemption under clause 10(46) granted to Chandigarh construction workers welfare board; specified cess, contributions and interest exempt.
Exemption under clause (46) of section 10 is accorded to the Chandigarh Building and Other Construction Workers Welfare Board for specified receipts: cess proceeds, beneficiary contributions and registration fees, and interest earned thereon, subject to conditions that the Board shall not engage in commercial activity, its activities and the nature of specified income remain unchanged, and it files returns as required by clause (g) of sub-section (4C) of section 139; the notification is given retrospective effect for the stated assessment years.

Extension of assessment-year coverage: rule 10TD amended to include assessment year 2023-24, effective April 1, 2023.
Rule 10TD(3B) of the Income-tax Rules, 1962 is amended to substitute the phrase listing assessment years "2020-21, 2021-22 and 2022-23" with "2020-21, 2021-22, 2022-23 and 2023-24", extending the temporal scope. The amendment is effected under section 295 read with sub section (2) of section 92CB, named the Income-tax (Fifteenth Amendment) Rules, 2023, and is deemed effective from 1 April 2023, applying to assessment year 2023-24 relevant to previous year 2022-23.

No TDS on ship lease payments to IFSC units where a prescribed declaration establishes exemption and reporting duties.
No tax shall be deducted at source on lease rent or supplemental lease rent paid to a Unit of an International Financial Services Centre for leasing a ship, provided the lessor furnishes a prescribed Declaration Form declaring IFSC deduction eligibility and the ten consecutive assessment years for which the deduction is claimed; the lessee, upon receipt of the declaration, shall not deduct tax on payments to the lessor and must report such payments in the TDS statement, with the exemption applying only to the declared years and subject to data capture and security procedures prescribed by the tax systems authority.

Zero coupon bond designation clarifies tax treatment for REC Ltd bond, specifying term, issue deadline and redemption conditions.
Designation of the Ten Year Zero Coupon Bond of REC Ltd as a zero coupon bond under clause (48) of section 2 of the Income-tax Act specifies the bond's name, a contractual life of ten years and one month, an issuance cutoff date, the per-bond redemption proceeds, the total discount attributable to the issue, and the total number of bonds to be issued, thereby establishing the administrative particulars relevant for tax treatment.

Exemption under section 10(46): specified regulatory commission income exempt, subject to non commercial, unchanged activities and filing conditions.
Central Government notifies the Joint Electricity Regulatory Commission (Goa and Union Territories except Delhi), Gurugram for exemption from specified incomes-petition fees, license fees, reimbursement of Ombudsman expenses, profit on sale/disposal of assets, and interest thereon-subject to conditions that the Commission shall not engage in commercial activity, that activities and the nature of specified income remain unchanged, and that the Commission files returns as required; the notification is applied retrospectively for the relevant assessment years.

Preliminary expenses reporting: mandatory electronic filing of Form No. 3AF before return filing, with prescribed authentication.
The rules mandate that claims for preliminary expenditure deduction under section 35D be supported by Form No. 3AF filed electronically for each previous year, one month prior to the return filing due date, authenticated by digital signature or electronic verification code as applicable, submitted to the tax systems office which will prescribe procedural and security protocols and forward the form to the Assessing Officer; corresponding changes substitute the audit report and annexure (Form No. 3AE) requiring particulars of qualifying expenditure and confirmation that Form No. 3AF has been filed.

Jurisdiction allocation among competent authorities for benami enforcement organizes regional case referral and administration under the amended Act.
Four Competent Authorities (Kolkata, Chennai, New Delhi, Mumbai) are allocated distinct regional jurisdiction to receive and handle cases referred by Income Tax Authorities under the Prohibition of Benami Property Transactions Act; the territorial scope of referring Income Tax Authorities follows an existing CBDT notification and the benami work is additional to the Competent Authorities' existing functions.

Advance Ruling Application: Annexure II added requiring applicant's statement of legal or factual interpretation and signature date.
The corrigendum inserts Annexure II into the English version accompanying Form No. 34E, requiring applicants for an advance ruling to provide a statement containing the applicant's interpretation of law or facts in respect of the question(s) on which advance ruling is required, together with place, signature and date by the applicant.

No deduction under section 194 for dividends between IFSC aircraft leasing units, subject to Form No. 1 declaration and reporting.
No deduction of income tax under section 194 applies to dividends paid by an IFSC unit primarily engaged in aircraft leasing to a like IFSC unit, provided the payee furnishes a verified Statement cum Declaration in Form No. 1 certifying IFSC unit status and exemption eligibility. After receipt of that declaration the payer shall not deduct tax and must report particulars of such non deducted payments in the prescribed statement of tax deductions. The tax systems authority shall prescribe secure procedures for data capture, transmission and archival.