Scientific research approval under Section 35(1)(iia) extends tax recognition to the company's R&D activities for specified years.
Approval is accorded to M/S IIT Madras Research Park for Scientific Research under the tax approval mechanism established by Section 35(1)(iia) read with the corresponding rule, recognising the company's research activities as qualifying for the tax provision and setting a time-bound period of applicability, with certification that retrospective effect does not adversely affect any person.

Tax exemption under section 10(46) for Credit Guarantee Fund Trust for specified income, subject to non-commercial and filing conditions.
Notification grants an income tax exemption to the Credit Guarantee Fund Trust for Animal Husbandry and Dairying for specified receipts - guarantee fees from eligible lending institutions, income from mutual funds, miscellaneous income, and interest income from banks/financial institutions - subject to conditions that the Trust not engage in commercial activity, that activities and nature of specified income remain unchanged, and that the Trust file returns as required by the relevant statutory return-filing provision.

Tax exemption under section 10(46) for construction workers' welfare board: specified receipts exempt subject to conditions.
Notification exempts specified receipts of the Karnataka State Building & Other Construction Workers' Welfare Board under section 10(46) of the Income-tax Act, covering Central Government grants, centrally decided other sums, cess collected under the Building and Other Construction Workers' Welfare Cess Act, registration fees and annual subscriptions, and bank deposit interest. The exemption is subject to conditions: no commercial activity, unchanged activities and income nature during the notified years, and filing returns as required by clause (g) of sub section (4C) of section 139.

Tax exemption under section 10(46A): Kanpur Development Authority notified as exempt authority effective assessment year 2024-25.
The Central Government notifies Kanpur Development Authority, constituted under the Uttar Pradesh Urban Planning and Development Act, as an exempt authority under the specified clause of the Income-tax Act, effective from assessment year 2024-2025, subject to its continuing status under the state urban planning statute and carrying one or more specified purposes required for eligibility; an explanatory memorandum certifies no person is adversely affected by retrospective effect.

Specified fund definition revised under rule 21AIA, aligning its meaning with the Income-tax Act explanation.
Rule 21AIA is amended by omitting sub-rule (4) and substituting the Explanation so that the expression "specified fund" shall have the same meaning as assigned in sub-clause (i) of clause (c) of the Explanation to clause (4D) of section 10 of the Income-tax Act; the amendment takes effect on publication in the Official Gazette.

IFSC Insurance Office gross income clarified; permits nil reporting in Form 10CCF when profits computed under First Schedule.
Form No. 10CCF (Annexure A) is amended to state that, for a Unit that is an IFSC Insurance Office undertaking insurance business, gross income in serial number 6 means the profit and gains calculated under the presumptive computation provisions and the First Schedule; and that the gross eligible income field in serial number 9 may be submitted as nil where profits and gains are so computed.

Tax exemption under section 10(46) for specified regulatory commission income declared effective retrospectively for the relevant assessment year.
Notification under section 10(46) notifies Tamil Nadu Electricity Regulatory Commission as eligible for exemption for specified income for financial year 2022-2023 (assessment year 2023-2024). Specified incomes covered: Government grants; fees under clause (g) of sub section (1) of Section 86 read with Section 181 of the Electricity Act, 2003; penalties under section 146 of the Electricity Act, 2003; and interest on bank deposits. Exemption is subject to conditions prohibiting commercial activity, requiring unchanged activities and income, and mandating return filing under clause (g) of sub section (4C) of section 139.

Salary threshold for perquisite valuation set, and gross income threshold set for medical and foreign travel expense treatment.
Amendment inserts Rule 3C and Rule 3D into the Income-tax Rules, 1962 prescribing, respectively, the prescribed income under the head Salaries for valuing benefits or amenities provided free or concessional under item (c) of sub-clause (iii) of clause (2) of section 17, and the prescribed gross total income for the proviso to clause (2) of section 17 governing expenditure on medical treatment or foreign travel.

Form amendment: FORM NO.7 wording expanded to permit either assessment year or block period as the operative reporting period.
Amendment revises FORM NO.7 in Appendix-II, paragraph 1 of the Income-tax Rules, 1962 to replace the existing temporal phrase referencing the assessment year with language that expressly allows either the assessment year or the block period, as applicable, to be the operative period for recording a sum, thereby adapting the form to situations involving block period assessments.

Tax exemption on specified income granted to conservation foundation, subject to non-commercial activity and return-filing conditions.
Notification under clause (46) of section 10 of the Income-tax Act notifies Parambikulam Tiger Conservation Foundation as exempt in respect of specified income: visitor and accommodation fees, ecotourism and canteen rents, license fees for licensed forest land, proceeds from forest produce sales through ECO shops or website, funds from government departments and NGOs, prize money and awards, and interest on bank deposits. The exemption is conditional on no commercial activity, unchanged activities and income types across the relevant years, and filing returns under clause (g) of section 139(4C); it applies retrospectively for the stated assessment years and to the subsequent assessment year.

Tax exemption for pollution control board confirmed under income tax provision, effective from the stated assessment year subject to statutory purpose condition.
Notification identifies the Uttarakhand Pollution Control Board (PAN: AAALU0160D) as an exempt entity under the income-tax provision corresponding to clause (46A) of section 10, effective from the stated assessment year, conditional on the Board remaining constituted under the Air and Water Pollution Acts and continuing to have one or more of the purposes specified in sub-clause (a) of clause (46A). The explanatory memorandum states no person is adversely affected by retrospective effect.

Exemption under section 10(46) grants specified income relief to a municipal development trust subject to non-commercial and filing conditions.
Notification grants exemption under section 10(46) to West Bengal Municipal Development Fund Trust for specified income: interest from bank deposits, interest on term loans to urban local bodies, and upfront processing fees, subject to conditions prohibiting commercial activity, requiring unchanged activities and income nature across years, and mandating return filing as per the relevant provision of section 139; effective for specified past and current financial years.

Income exemption under section 10(46): specified receipts of All India Council Technical Education exempted subject to non commercial and filing conditions.
Notification under section 10(46) designates AICTE eligible for exemption on specified receipts (grants/subsidies, regulatory charges, RTI and examination fees, CMAT/GPAT fees, bank deposit interest, and miscellaneous charges). The exemption is subject to conditions that AICTE shall not engage in commercial activity, the nature of activities and specified income remains unchanged, and AICTE files returns under clause (g) of sub section (4C) of section 139. The notification is applied retrospectively for certain assessment years and prospectively for specified future assessment years, conditional on compliance.

Tax exemption for specified income under section 10(46) extends to Haryana State Pollution Control Board, subject to conditions.
Notification under section 10(46) grants exemption to Haryana State Pollution Control Board for specified receipts including government grants; consent, authorization, NOC, public hearing, analysis, testing and recognition fees; cess reimbursement and appeal fees; RTI fees; interest on staff loans and fixed deposits; and miscellaneous receipts. The exemption is conditional on the Board not engaging in commercial activity, maintaining unchanged activities and specified incomes across the relevant years, and filing returns as required under clause (g) of sub-section (4C) of section 139 of the Income-tax Act.

Offshore derivative instruments and over-the-counter derivatives: new rules expand FPI inclusion and definitions in tax rules.
The amendment to rule 21AK inserts "over-the-counter derivatives" after "offshore derivative instruments", adds a "Foreign Portfolio Investor being a unit of an International Financial Services Centre" into sub-rule (1)(b)(i), inserts the Foreign Portfolio Investor after "offshore banking unit" in sub-rule (2), and revises the Explanation by rewording clause (v), adding "and" to clause (vi), and inserting clause (vii) to define "Foreign Portfolio Investor" as a person registered under the Foreign Portfolio Investors Regulations, 2019.

Scientific Research approval granted: IQRAA Hospital recognised as Other Institution under section 35 for tax research purposes.
Approval is granted to IQRAA International Hospital And Research Centre, under J D T Islam Orphanage Committee (PAN noted), as an Other Institution for Scientific Research under clause (ii) of sub section (1) of section 35 of the Income tax Act read with the Income tax Rules, with the notification specifying applicability across a stated sequence of assessment years and recording that retrospective effect does not adversely affect any person.

Recognition as Social Science or Statistical Research institution secures research-related tax treatment for a limited assessment-year period.
Gitarthganga, Ahmedabad is approved as an institution engaged in Social Science or Statistical Research and classified as an Other Institution for purposes of research-related provisions of the Income-tax Act and applicable rules; the approval is time-bound and applies for a defined set of assessment years, and the issuing authority certifies no adverse effect from retrospective operation.

Tax exemption for welfare board: specified cess, fees and interest exempted subject to non commercial and filing conditions.
Notification under clause (46) of section 10 exempts Puducherry Building and Other Construction Workers Welfare Board from tax on specified income-cess received, registration and renewal fees, and interest on bank deposits-subject to conditions that the Board shall not engage in commercial activity, that its activities and nature of specified income remain unchanged, and that it files returns as required by the proviso to clause (g) of sub section (4C) of section 139. The exemption is applied retrospectively to specified earlier financial years and prospectively to subsequent years, subject to those conditions.

Income tax exemption for welfare board's specified receipts permitted subject to non-commercial and filing conditions
Notification exempts specified receipts of the Andhra Pradesh Building and Other Construction Workers Welfare Board under clause (46) of section 10, namely cess, registration and renewal fees from building and other construction workers, and interest on bank deposits. The exemption is subject to conditions that the Board shall not engage in commercial activity, the activities and nature of the specified income remain unchanged, and the Board 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.

Income tax exemption under section 10(46A) applies to specified urban development authorities subject to purpose and constitution conditions.
Notification grants an income tax exemption to Moradabad Development Authority, an authority constituted under the Uttar Pradesh Urban Planning & Development Act, 1973, on the condition that it continues to carry one or more of the specified purposes required by the relevant provision; the notification is made effective from the stated assessment year and the memorandum certifies that no person is adversely affected by retrospective effect.