Alternate Minimum Tax reporting requires an accountant's specified form to compute adjusted total income under Chapter XII BA.
The rules substitute Rule 40BA to require that the accountant's report under section 115JC(3) for persons other than a company be furnished in Form No. 29C, certifying that adjusted total income and Alternate Minimum Tax have been computed in accordance with Chapter XII BA. Form No. 29C requires the accountant to declare examination of accounts, certify computations based on Annexure A, provide identifying and professional details, and state reasons for any negative or qualified answers; Annexure A specifies the data fields used to compute adjusted total income and AMT.

Reserve Member designation permits a Commissioner to substitute on panels; transfer power allows case reassignment after hearing and reasons.
Amendment to Rule 3 substitutes "by designation" for "by name", mandates the Board to assign one Commissioner of Income-tax as a Reserve Member to each panel to act in place of any Member when required by the Director General of Income-tax (International Taxation), and empowers the Director General to transfer a case between panels after giving the eligible assessee an opportunity to be heard and after recording reasons.

Exchange of tax information and collection assistance enables mutual assistance between India and Liberia under the notified agreement.
The Central Government, under section 90 of the Income-tax Act, notifies that the Agreement between India and Liberia for the exchange of information and assistance in collection with respect to taxes shall be given effect in India from the Agreement's entry into force. The Agreement requires competent authorities to exchange foreseeably relevant tax information and to lend reciprocal assistance in collection, subject to domestic rights, defined procedural requirements for requests, powers to obtain financial and beneficial ownership information, limited grounds for refusal, and obligations for implementing legislation and mutual agreement on procedures.

Arm's length price deemed where minor variation exists; actual transaction price accepted for assessment purposes.
Notification applies the second proviso to section 92C(2) so that where the variation between the arm's length price determined under section 92C and the actual international transaction price falls within a specified tolerance, the actual transaction price shall be deemed to be the arm's length price for assessment year 2012-13, preventing recharacterisation for minor variances.

Exchange of tax information enables cross border assistance for tax administration, subject to confidentiality and procedural safeguards.
The Agreement creates a framework for exchange of information foreseeably relevant to administration, assessment, collection and enforcement of taxes between India and Guernsey. Competent authorities must provide requested information held by financial institutions and persons, use available information gathering measures, and may supply depositions or authenticated records where permitted. Requests must demonstrate foreseeable relevance and follow prescribed content; confidentiality, limits on disclosure, grounds for declining assistance, cost allocation for ordinary and extraordinary expenses, implementing legislation, mutual agreement procedures and entry into force and termination rules are specified.

Correction to Notification revises commencement year for three financial years to start 2012-13 under Income Tax regime.
The corrigendum replaces the words "for three financial years commencing with 2011-12 i.e. 2011-12, 2012-13 & 2013-14" with "for three financial years commencing with 2012-13 i.e. 2012-13, 2013-2014 & 2014-15" in the specified Gazette notification entry.

Income-tax rule amendment: substitution of the ITR-7 form updates filing requirements under existing Income-tax Rules.
The Central Board of Direct Taxes issues the Income-tax (Eighth Amendment) Rules, 2012, substituting a newly prescribed Form ITR-7 in Appendix-II of the Income-tax Rules, 1962. The rules are titled the Income-tax (8th Amendment) Rules, 2012 and come into force from the date of their publication in the Official Gazette; the substituted form is attached to the notification.

Avoidance of double taxation: India-Lithuania DTAA sets taxing rights, withholding limits, relief by credit and cooperation mechanisms.
The India-Lithuania Agreement establishes bilateral rules to avoid double taxation and prevent fiscal evasion, designates the taxes and persons covered, defines residence and permanent establishment, and allocates taxing rights for categories of income (business profits, immovable property, dividends, interest, royalties, capital gains, employment income and others). It prescribes withholding tax maxima subject to effective connection exceptions, methods for elimination of double taxation by credit/deduction, non discrimination protections, a mutual agreement procedure, exchange of information, assistance in tax collection, a limitation of benefits rule, and Protocol clarifications on specified provisions.

Avoidance of double taxation treaty allocates taxing rights and sets residency, PE, exchange of information and anti abuse rules.
The Agreement provides a bilateral framework to avoid double taxation and prevent fiscal evasion between India and Estonia, defining scope, residency and tie breaker rules, and specifying a detailed permanent establishment definition with activity thresholds. It allocates taxing rights for business profits, immovable property, shipping, dividends, interest, royalties and capital gains; prescribes reciprocal methods for eliminating double taxation; establishes mutual agreement and information exchange procedures; includes assistance in tax collection; and contains limitation of benefits anti abuse provisions and entry into force rules.

Tax exemption approval under section 10(23C)(vi) granted to an educational society subject to compliance requirements.
Approval is granted to Shree Adinath Jain Shikshan, Sansthan, Alwar for the purposes of section 10(23C)(vi) of the Income tax Act, 1961, effective from the assessment year 2012 13 onwards, issued under section 10(23C)(vi) read with rule 2CA of the Income tax Rules, 1962. The approval is conditional on the society conforming to and complying with the provisions of sub clause (vi) of clause (23C) of section 10 and rule 2CA of the Income tax Rules, 1962.

Tax exemption approval under section 10(23C)(vi) granted subject to compliance, effective from the stated assessment year.
Approval is granted to Alankar Society for Higher Education under section 10(23C)(vi) read with rule 2CA by the Chief Commissioner of Income-tax, effective from the specified assessment year onwards, subject to the society's conformity with the provisions of the cited sub-clause and rule.

Tax information exchange and collection assistance between India and Jersey enhances cross-border tax administration and recovery cooperation.
The agreement creates a framework for the exchange of tax information and mutual assistance in collection between India and Jersey covering all taxes and substantially similar future taxes. Competent authorities must provide foreseeably relevant information for tax administration, including bank, ownership and beneficiary data, and may facilitate tax examinations abroad. Requests must meet form and relevance requirements; confidentiality, legal privilege, public policy and territorial jurisdiction limit disclosure. Assistance in collection and conservatory measures is available subject to each Party's domestic laws, cost-sharing rules, and procedural safeguards.

Approval under section 10(23C)(vi) exemption granted to society, conditional on compliance with income-tax rules and requirements.
Approval is granted to Jyotiba Fule Social Welfare Society, Jaipur, for purposes of section 10(23C)(vi), effective from the assessment year stated in the notification, conditional on the society conforming to and complying with the provision and the corresponding income-tax rule.

Income tax (7th Amendment) Rules, 2012 narrow residency references and replace ITR 5 and ITR 6 filing forms.
The Income tax (7th Amendment) Rules, 2012 amend rule 12 of the Income tax Rules, 1962 by qualifying references to a taxpayer "who is a resident" to exclude a person who is not ordinarily resident within the meaning of sub section (6) of section 6, with a parallel insertion in rule 12(3) proviso. The amendment also substitutes Forms ITR 5 and ITR 6 in Appendix II, and attaches the revised return forms and detailed instructions governing eligibility, schedules, filing modes, and compliance mechanics.

Double taxation agreement: India-Norway treaty establishes taxing rights, residence and permanent establishment rules with relief mechanisms.
Notification under section 90 directs that the India-Norway Agreement for the Avoidance of Double Taxation and Prevention of Fiscal Evasion shall be given effect in India for fiscal years beginning on or after 1 April 2012. The treaty applies to residents, taxes on income and capital (including similar subsequent taxes), defines residency and permanent establishment rules with specific inclusions and exclusions, allocates taxing rights across income categories (business profits, dividends, interest, royalties, capital gains, employment, offshore activities), prescribes relief methods for elimination of double taxation, and provides mutual agreement, information exchange, collection assistance and limitation of benefits mechanisms.

Exemption for news agency: designation grants tax specification subject to exclusive application of income to news collection and distribution.
The Central Government designates the Press Trust of India Limited as a news agency under clause (22B) of section 10 of the Income-tax Act, specifying it is set up solely for collection and distribution of news. The notification conditions the tax specification on the agency applying or accumulating its income exclusively for collection and distribution of news and on not distributing income to its members.

Exemption under Section 10(48): notified foreign oil company allowed income only from a recognised MOU, subject to activity restriction.
Notification designates a specified foreign oil company as a notified foreign company and recognises a particular Memorandum of Understanding as the agreement for income-tax exemption under clause (48), subject to the condition that the foreign company shall not engage in any activity in India other than receipt of income under the recognised agreement; the notification is effective from the start of the relevant fiscal year and applies to the stated assessment year and subsequent years.

No TDS on subsequent software transfer where prior tax was deducted and a PAN-backed declaration is furnished.
No deduction of tax at source applies where software is acquired in a subsequent transfer without modification, prior tax was deducted on an earlier transfer (from a resident or from a non-resident), and the transferee obtains a declaration from the transferor that tax has been deducted together with the transferor's Permanent Account Number.

Double taxation treaty allocates taxing rights and sets procedures to prevent fiscal evasion between two States.
The Agreement between India and Nepal allocates taxing rights and prevents fiscal evasion for persons resident in one or both States: taxes on income are covered and defined; residence and fiscal year rules determine applicability; business profits are taxable only in the residence State except when attributable to a permanent establishment in the source State; income from immovable property, certain capital gains, and specific personal and employment income categories have targeted source state taxing rights; withholding limits are set for dividends, interest and royalties with carve outs; mechanisms include credit relief, a mutual agreement procedure, exchange of information, assistance in collection and a limitation of benefits rule.

Double taxation agreement amendment: substitution of Japan Bank for International Cooperation updates tax exemption coverage for interest.
Amendment to the India-Japan Convention replaces the listed financial institution in Article 11(4)(a)(ii), substituting "international business unit of Japan Finance Corporation" with Japan Bank for International Cooperation, thereby updating the roster of institutions treated as government owned financial entities for exemption from tax on interest; the Central Government issues the notification under domestic treaty implementation powers and declares the amendment to have retrospective operative effect.