Tax exemption notification for commission income tied to non-commerciality, unchanged income nature, and specified filing and audit requirements.
Notification under section 10(46) notifies Maharashtra Electricity Regulatory Commission as a commission for specified incomes including grants, licence and application fees, interest receipts, sale of scrap, RTI fees, penalties, fees for tariff determination and performance review, with later-added items. Recognition is subject to conditions that the Commission shall not engage in commercial activity, the nature of specified income remain unchanged, and that the Commission file income tax returns and an audited report with a chartered accountant's certificate confirming compliance.

Income-tax exemption under section 10(46) confers specified income relief to Greater Noida Industrial Development Authority subject to compliance.
Notification under clause (46) of section 10 notifies Greater Noida Industrial Development Authority as an authority eligible for exemption in respect of specified incomes: state grants; proceeds from disposal/90-year lease of immovable properties; lease rent, fees and related charges; interest on bank deposits; interest/penalties on deferred allottee payments; and water, sewerage and municipal charges. The exemption is conditional on non-engagement in commercial activity, unchanged activities and income nature, filing the return per clause (g) of sub section (4C) of section 139, and filing an audited report with a chartered accountant's certificate. The notification is made retrospective to 01-06-2011 and applies to specified assessment years.

Cost Inflation Index update affecting capital gains computation takes effect from the notified assessment year onward.
Amendment inserts a Cost Inflation Index entry of 301 for the financial year 2020-21 into the table under the Explanation to section 48, updating the index used in capital gains computation and declaring that this index takes effect from 1 April 2021 and applies to the assessment year 2021-22 and subsequent years.

Income-tax amendment updates rule 12 provisos and substitutes ITR forms, effective on Gazette publication from 2020.
Notification under section 139 read with section 295 enacts the Income tax (12th Amendment) Rules, 2020 effective from Gazette publication. It amends rule 12(1) by inserting "or" at the end of item (V) and omitting items (VII) and (VIII) in clause (a) proviso, and omits item (VI) in clause (ca) proviso. It also substitutes the set of prescribed ITR Forms in Appendix II with updated Forms, thereby revising the prescribed return and verification forms under the Income tax Rules, 1962.

Annual Information Statement requirement: mandated upload of Form 26AS to assessee account detailing tax and transaction information.
An Annual Information Statement in Form 26AS must be uploaded in the assessee's registered account by the Principal Director General/Director General of Income-tax (Systems) or authorised person under section 285BB; the upload is required within three months from the end of the month in which information is received and must include categories such as tax deducted or collected at source, specified financial transactions, payment of taxes, demand and refund, and pending and completed proceedings. The Board may authorise inclusion of information from other authorities or international agreements, and the Systems authority shall specify procedures, formats and standards for uploading.

Fund manager remuneration rules specify calculation methods and new reporting requirements for eligible investment funds.
Amendments to rule 10V prescribe computation bases for fund manager remuneration-distinct percentage of assets under management for specified Category I FPIs, alternative percentage, profit share above a specified hurdle, or a proportion of management fees net of expenses for other funds-with a Board approval route for lower amounts; define asset under management, management fee and specified hurdle rate; and require an accountant's report in Form 3CEJA plus a fund statement in Form 3CEK detailing compliance with section 9A and related disclosures.

Section 10(46) notification: specified incomes of Uttarakhand Environment Protection & Pollution Control Board notified subject to conditions.
Central Government notifies Uttarakhand Environment Protection & Pollution Control Board as a notified Board for purposes of the income exemption provision, listing specified income categories (consent fees, NOC fees, biomedical and hazardous fees, monitoring and public hearing fees, interest on accounts and advances, reimbursements and sale of scrap) and making the notification conditional on the Board not undertaking commercial activities, maintaining unchanged activities and income character, filing returns as required, and filing a certified audit report with the return.

Tax exemption notification for Cochin Special Economic Zone Authority grants specified income tax exemption subject to conditions.
Notification designates Cochin Special Economic Zone Authority, Kochi as an authority constituted by the Government of India for purposes of clause (46) of section 10 in respect of specified incomes including lease rent, bank interest on RDRs, permit and allotment fees, auction receipts, transfer charges, building-plan fees, service usage charges, staff quarters license fees, IWMS charges, power distribution receipts and sale of scrap. The designation is subject to conditions that the Authority shall not engage in commercial activity, maintain unchanged activities and income nature, file income tax returns as prescribed, and submit an audited report with a chartered accountant's certificate.

Income exemption under section 10(46) for a cooperative fund's membership and related receipts, subject to compliance.
Exemption under clause (46) of section 10 is notified for the Kerala Cooperative Development and Welfare Fund Board in respect of membership fees, annual renewal fees, risk fund contributions and assistance, and interest on those receipts, subject to conditions that the Board not carry on commercial activity, maintain unchanged activities and income character, file its return as prescribed, and furnish an audited report with a chartered accountant's certificate confirming compliance.

Safe harbour option: amendment preserves validly exercised options and extends transfer pricing rule applicability for the relevant assessment year.
The Income-tax (9th Amendment) Rules, 2020, effective from 1 April 2020, insert sub rule (3B) in rule 10TD to apply sub rules (1) and (2A) for the relevant assessment year; add a proviso to rule 10TE(2) excluding its application to safe harbour options validly exercised under rule 10TD(3B); and amend the heading reference in Form No. 3CEFA in Appendix II to reflect rule 10TE.

Notification under section 80G: Shri Ram Janmabhoomi Teerth Kshetra designated historic place and place of public worship.
The Central Government notified SHRI RAM JANMABHOOMI TEERTH KSHETRA to be a place of historic importance and a place of public worship for the purposes of the income-tax Act, effective from the financial year 2020-2021 relevant to the assessment year 2021-2022, identifying the entity by name and tax identity and invoking the statutory power to designate institutions and places under the Act.

Mutual agreement procedure invoked: residents can seek treaty based resolution of cross border tax disputes with defined acceptance and implementation steps.
Rule 44G establishes a MAP process whereby a resident may apply in Form No. 34F to the Competent Authority in India or the Competent Authority may act on references from treaty partners; the Competent Authority may call records, seek documents and discussions to resolve disputes and shall endeavour to reach a resolution within an average of twenty four months. Resolutions are communicated to the assessee who has thirty days to accept with proof of appeal withdrawal; on acceptance the Competent Authority forwards the resolution to senior officials and the Assessing Officer, who must give effect by written order within one month, notify tax payable, and the assessee must pay and submit proof, following which appeals are withdrawn and tax, interest or penalty adjusted in accordance with the resolution.

National Savings Monthly Income Account interest updated: 7.6% for deposits to 31 Mar 2020; 6.6% from 1 Apr 2020.
Substitutes paragraph 5(1) of the principal Scheme to set two interest rates by deposit date: deposits from 12 December 2019 to 31 March 2020 (inclusive) bear interest at 7.6% per annum; deposits on or after 1 April 2020 bear interest at 6.6% per annum. The Amendment Scheme is deemed to have come into force on 1 April 2020 under the enabling statutory power.

National Savings Certificates amended: revised maturity values, interest schedules and premature-closure payables with effective date 1 April 2020.
The Scheme amends maturity values, interest-accrual schedules and premature-closure payables for National Savings Certificates, establishing two regimes: one for certificates purchased 12 December 2019-31 March 2020 (maturity value Rs. 1,462.54 per Rs. 1,000) and another for certificates purchased on or after 1 April 2020 (maturity value Rs. 1,389.49 per Rs. 1,000). It prescribes rounding rules for fractions of a rupee and substitutes distinct five-year annual interest tables and premature-closure payment tables, with amounts proportionate for other denominations.

Kisan Vikas Patra maturity extended and premature-closure valuation tables revised; deposits still double on maturity.
Accounts opened between 12 December 2019 and 31 March 2020 mature in nine years and five months and accounts opened on or after 1 April 2020 mature in ten years and four months; deposits double on maturity and maturity proceeds may be repaid on application in Form 2. The amendment replaces the prior premature-closure table with two tables showing amounts payable per 1,000 rupees for the two opening-date cohorts, listing graduated payable amounts by fractional-year bands and 2,000 rupees on maturity.

Exchange of Information expanded to permit broader cross-border tax information sharing and mutual assistance in tax collection under amended treaty.
The Protocol amends the Convention by replacing Article 26 to expand Exchange of Information-allowing requests for any information foreseeably relevant to tax administration or enforcement, including information held by financial institutions or fiduciaries-while preserving confidentiality and permitting disclosure only to authorised tax or judicial bodies and subject to domestic law limitations. It also inserts Article 26A on Assistance in the Collection of Taxes, obliging mutual assistance in recovering amounts finally due to prevent improper enjoyment of treaty relief, subject to enforceability, domestic recovery procedures and safeguards for sovereignty and public policy.

Form-3 compliance period amended to reference column eight and shorten the response deadline to fifteen days.
Correction to Notification No. 18/2020 replaces in Form-3 the phrase "as per column (7) above within thirty days" with "as per column (8) above within fifteen days", changing the column reference and shortening the prescribed compliance period.

Authorization of Assessing Officer to exercise powers under specified chapter, enabling international taxation functions for designated region.
Authorization is granted for the Assessing Officer in the Principal Chief Commissioner of Income-tax (International Taxation) Region to exercise and perform all or any of the powers and functions of an Assessing Officer for assessees within that Region for the purposes of Chapter VIII of the Finance Act, 2016, under the board's delegated authority.

Retrospective application of tax notification extends coverage to specified assessment years and certifies no adverse effect.
The amendment substitutes the operative paragraph to deem the notification applicable retrospectively to the period 01-06-2011 to 31-03-2012 (assessment year 2012-2013) and to specified subsequent assessment years through 2023-2024, declares the notification effective from 09th April, 2019, and inserts an Explanatory Memorandum stating retrospective effect is given in view of a judicial order and certifying no person's interest is adversely affected.

Designated authority under Direct Tax Vivad Se Vishwas Act: Delhi principal commissioners notified to resolve declarant income tax disputes
Notification designates specified Principal Commissioners and Commissioners of Income Tax in Delhi as designated authorities under the Direct Tax Vivad Se Vishwas Act, 2020, empowering them to implement the Act's dispute resolution mechanism for declarants within their jurisdictions, issued under the Principal Chief Commissioner's powers under the Income tax Act and listing each office with its CCIT charge and headquarters.