Rescission of tax notification: earlier notification treated as never issued, nullifying related tax benefits under income tax law.
The Central Government rescinds Notification No. 35/2008 under the Income-tax Act and applicable Income-tax Rules, withdrawing its legal effect. The rescission operates with retrospective effect from the relevant assessment commencement and the earlier notification is deemed not to have been issued for claiming any tax benefits under the Income-tax Act or any other law.

Rescission of tax notification nullifies prior notification's tax benefits and treats it as never issued for tax purposes.
Central Government rescinds the earlier tax notification and, effective retrospectively from 1 April 2004, declares that the said notification shall be deemed never to have been issued for any tax benefits under the Income-tax Act or any other law.

Avoidance of double taxation exempts income from international air transport in one Contracting State from tax in the other.
The Agreement provides that income derived by an enterprise of one Contracting State from operation of aircraft in international traffic shall be exempted from tax in the other Contracting State, extending the exemption to participation in pools, joint airline businesses, international operating agencies, and interest on funds directly connected with such operations; it preserves national assessment rules except where overridden by the Agreement and establishes a Mutual Agreement Procedure, entry into force notifications, effectivity by fiscal year, and termination mechanics.

Exchange of information enables mutual tax assistance and access to bank, ownership and fiduciary records, subject to confidentiality.
The Agreement requires competent authorities of India and Maldives to exchange information foreseeably relevant to tax administration and enforcement, including bank, fiduciary and ownership information, subject to territorial jurisdiction and confidentiality. Requests must state identity, period, nature and tax purpose and demonstrate grounds for believing information exists; the requested Party must use available information-gathering measures, confirm receipt, notify deficiencies promptly, and may decline requests on defined grounds including public policy, legal privilege and disproportionate difficulty.

Due date extension for Form 15G/15H declarations permits delayed uploading for affected filing periods under revised timelines.
Extension of due dates for Form 15G/15H declarations changes upload timelines for payers: declarations from 1.10.2015-31.3.2016 and 1.4.2016-30.6.2016 share an extended October 2016 upload deadline, while declarations from 1.7.2016-30.9.2016 are given an extended December 2016 upload deadline; due dates for the third and fourth quarters of 2016-17 remain as previously specified.

Contributory Provident Fund contributions authorised for Settlement Commission Chair and Members, subject to non pensionable servant conditions.
The amendment substitutes rule 6 to entitle the Chairman, Vice Chairman and Members to make contributions to the Contributory Provident Fund, subject to conditions applicable to a non pensionable servant of the Central Government; the change is effected under article 309 and is declared effective retrospectively from 27 March 2015.

TCS exemption for specified buyers: government, diplomatic missions and UN privileged institutions exempt from collection requirement.
The amendment inserts a rule excluding specified buyer classes from the requirement that sellers collect tax at source on sales of goods (other than bullion or jewellery) or provision of services: namely the Government, diplomatic and consular missions and similar foreign trade representations, and institutions notified under the United Nations (Privileges and Immunities) Act, 1947.

Declaration of undisclosed income permits using indexed stamp duty value to determine fair market value of registered immovable property.
Declarants may elect to take the fair market value of a registered immovable property as the stamp duty value increased proportionately by the change in the Cost Inflation Index between the year of registration and the reference year; for properties acquired before the base year, the election operates using the fair market value as of the base date determined by a registered valuer and indexed to the base year index. The rules define stamp duty value and Cost Inflation Index and amend Form-1 to require detailed property particulars, valuation reports, indexed values and disclosures regarding fictitious liabilities and their linkage to disclosed assets.

Tax exemption under section 10(46) for environment board income, subject to non commerciality and specified filing conditions.
Notification under section 10(46) notifies Uttarakhand Environment Protection and Pollution Control Board as entitled to specified income treatment for listed receipts (consent fees; NOC fees; biomedical waste, hazardous and analysis fees; forfeited bank guarantees; RTI charges; reimbursements for national air monitoring programmes; interest on savings/FDRs; public hearing fees; staff loan interest; sale of scrap and tender fees) subject to conditions: no commercial activity, unchanged nature of activities/incomes, and return filing under clause (g) of sub section (4C) of section 139; effective from FY 2014 15 through specified later years.

Tax exemption under Section 10(46) for a state electricity regulatory commission covering specified grants, fees, penalties and interest.
Notification under Section 10(46) of the Income-tax Act, 1961 notifies Tamil Nadu Electricity Regulatory Commission for exemption in respect of specified income: government grants; fees levied 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; interest on government grants; and interest on fee/revenue under the Electricity Act, 2003, subject to non commercial activity, unchanged income nature, and specified return filing; effective for 01.06.2011-31.03.2012 and financial years 2012 13 to 2015 16.

Tax exemption for specified income: notification grants relief to National Skill Development Corporation subject to noncommercial conditions.
Notification under section 10(46) of the Income tax Act, 1961 notifies National Skill Development Corporation for exemption in respect of specified income: long term capital gains from investments in skill development organisations; dividends and royalties from supported skill ventures; interest on loans to skill institutions; interest on bank fixed deposits; and Government grants, subject to conditions prohibiting commercial activity, requiring unchanged nature of activities and specified income, and prescribed filing of income return under clause (g) of sub section (4C) of section 139.

Payment schedule for income declaration requires staged instalments under amended rules; non-payment renders declaration void.
The rules require proof under rule 4(5) to be of full and final payment and prescribe a three stage payment schedule for amounts due under Form 1: minimum 25% by 30 November 2016, at least 50% of the remaining balance by 31 March 2017, and the remaining balance by 30 September 2017; non payment as specified causes the Form 1 declaration to be void. Form 3 is substituted to require detailed intimation of payments by period, attachment of challans/TDS/TCS proofs, and a declarant verification confirming inclusion of related income and entitlement to claim credit.

Exemption under section 10(46): Haryana State Pollution Control Board's grants and consent fees exempt subject to conditions.
Notification under clause (46) of section 10 of the Income-tax Act notifies Haryana State Pollution Control Board's specified income-grants from Central and State Governments and consent fees-for exemption, subject to conditions: no commercial activity, unchanged activities and income nature across financial years, and filing return under clause (g) of sub section (4C) of section 139; effective for 2014 15 and for 2015 16 through 2018 19.

Limitation of benefits rule restricts treaty gains preferences where arrangements primarily aim to obtain preferential capital gains treatment.
The Protocol amends the India-Mauritius tax Convention to: treat prolonged service provision through personnel as creating a permanent establishment when activities exceed an aggregate of 90 days in any 12 month period; limit source withholding on interest to 7.5% with a dated bank interest exemption; introduce a Fees for Technical Services Article permitting source taxation with a 10% cap and detailed sourcing and anti abuse rules; permit source taxation of certain post cut off-date share gains with a transitional capped rate; broaden other income sourcing; expand exchange of information; add assistance in tax collection; and add a limitation of benefits rule targeting shell/conduit entities.

PAN requirement for registration forms: Form 10A now mandates PAN for authors/founders and trustees/managers.
The Income tax (20th Amendment) Rules, 2016 substitute items 4 and 6 in Appendix II, Form 10A to require that details of author(s)/founder(s) and trustee(s)/manager(s) include name, address and PAN, thereby adding permanent account number disclosure to the information required for registration under section 12A.

e-Return Intermediary inclusion expands to Company Secretaries and Cost Accountants, requiring PAN for firms and individuals.
The notification amendment substitutes clauses to state that a firm of Chartered Accountants, Company Secretaries, Cost Accountants or Advocates is eligible as an e-Return Intermediary if the firm has been allotted a Permanent Account Number, and that an individual Chartered Accountant, Company Secretary, Cost Accountant, Advocate or Tax Return Preparer is eligible if allotted a Permanent Account Number.

Notification under section 194A: MUDRA designated for withholding purposes and effective on publication immediately.
Notification designating Micro Units Development & Refinance Agency Limited (MUDRA) for the purposes of section 194A of the Income-tax Act, with effect from its publication in the Official Gazette, thereby bringing MUDRA within the operation of the subsection (3) withholding provisions.

Tax exemption for notified charitable projects extended through 2016 17; certain projects receive sanctioned cost enhancements.
The Central Government, on the National Committee's recommendation and under the Income Tax Act and Rules, notifies extensions of approval and, where specified, enhancements of sanctioned costs for listed charitable projects to preserve their eligibility for exemption under Section 35AC through the financial year 2016 17. The Table records each approved institution, its project, prior notifications and costs, and the Committee's recommended maximum cost and extended approval period. The exemption expressly excludes funds received under Schedule VII of Section 135 of the Companies Act and the Companies (CSR) Rules.

Tax exemption notification: Kerala Headload Workers Welfare Board specified incomes exempted subject to non-commercial activity and filing requirements.
Central Government notifies Kerala Headload Workers Welfare Board under Section 10(46) as entitled to specified income treatment for levies, registration fees, grants and loans from government, investment interest, employer deposits and wages under the 1983 Scheme, member contributions, and interest on staff and worker advances. The notification is conditional on the Board not undertaking commercial activity, maintaining unchanged activities and income nature across the covered financial years, and filing returns as required.

Determination of amount received on share buyback: rules set methods to compute consideration for distributed income taxation.
Prescribes that the amount received by a company for issue of a share equals the paid up amount actually received including premium, reduced by any sum previously returned in respect of that share. Shares issued without consideration are deemed nil and face value applies where no specific rule fits. For amalgamation and demerger, amounts are determined by reference to the amalgamating company's determined amount and by proportioning to net book values respectively. Amounts on conversion of debt instruments are the portion attributable to the converted part.