Tax exemption for regulatory commission income: licence and application fees exempt if non-commercial activity and returns filed.
Notification under Section 10(46) designates the Odisha Electricity Regulatory Commission's licence fees from licensees and application processing fees as specified exempt income, conditional on the Commission not engaging in commercial activity, maintaining unchanged activities and nature of that income across the relevant years, and filing returns under clause (g) of sub-section (4C) of section 139 of the Income-tax Act.

Designation of place of public worship under tax provision enables donor deduction eligibility for contributions to the institution.
Central Government notification designates "Shri. Ram and Ramdas Swami Samadhi Temple & Ramdas Swami Math at Sajjangad, Distt. Satara, Maharashtra" as a place of historic importance and as a place of public worship for the purposes of Section 80G(2)(b) of the Income tax Act, thereby classifying the institution within the statutory category relevant to donor deduction eligibility.

Tax exemption for government grants: National Skill Development Agency's grants and interest exempted subject to compliance conditions.
Notification under Section 10(46) notifies the National Skill Development Agency in respect of specified income limited to grant in aid from the Government of India and interest earned thereon, subject to conditions that the Agency shall not engage in commercial activity, its activities and the nature of the specified income remain unchanged, and it files income tax returns as required under the relevant return filing provision.

Valuation method for trust assets determines aggregate fair market value for tax under section 115TD.
Rule 17CB prescribes that the aggregate fair market value of a trust's assets for section 115TD is the sum of fair market values of balance-sheet assets reduced by income-tax paid (net of refunds) and any balance-sheet items not representing assets. It details valuation methods: quoted shares by average quoted prices on the specified date; unquoted equity shares by a formula adjusting book assets and market values apportionable to paid-up equity; non-equity securities by open-market valuation with a merchant banker or accountant report; immovable property by higher of registered valuer price or stamp duty value; business undertakings by net assets.

Effective date of deposit set as date RBI receives deposits from authorised banks; final deadline not extendable.
The effective date for opening a Bonds Ledger Account is the date the Reserve Bank of India receives deposits from authorised banks where the due tax, surcharge and penalty have been received by those banks by the stated cutoff; further, the date of deposit shall in no case be extended beyond the prescribed final deadline.

Information sharing safeguards: Central Government authorises Delhi Crime Branch to receive tax information subject to confidentiality.
Central Government designates the Special Commissioner of Police, Crime, Delhi (Crime Branch & Economic Offences Wing) as an authorised recipient of information under Section 138(1) of the Income-tax Act. Income-tax authorities must form an opinion that disclosure is necessary and furnish only relevant and precise information, and must convey that the receiving authority must maintain absolute confidentiality.

Specification of investigative authority: Inspector General EOW Kerala designated to receive confidential income tax information under Section 138.
Central Government designates the Inspector General of Police, Economic Offences Wing, CSO, Kerala, as a specified authority to receive income-tax information. Income-tax authorities must furnish only relevant and precise information after forming an opinion that such disclosure is necessary and must convey to the specified authority that the information be maintained in absolute confidentiality.

Cash receipt restriction exemption applies to receipts from specified entities under the proviso, altering compliance obligations.
The restriction in section 269ST does not apply to receipts received from entities referred to in sub-clause (b) of clause (i) of the proviso to that section; the exemption is notified under clause (iii) of the proviso and affects the scope of the cash receipt prohibition for the specified class of entities.

Filing deadline amendment shifts specified compliance cutoff to later in the year, applied retrospectively without adverse effect.
The Income tax (Seventh Amendment) Rules, 2017 amend the Income tax Rules, 1962 by substituting the fourth proviso to rule 114B so that the prior end of February compliance cutoff is replaced by an end of June cutoff. The amendment is effective from 1 March 2017 and is applied retrospectively, with a stated intent that no person will be adversely affected by the retrospective effect.

Electronic communication authentication enables E Proceeding for secure issuance and response to tax notices via e filing.
The notification prescribes secured procedures and standards for electronic communication and authentication under the Income Tax Act by enabling an E Proceeding facility on the Departmental e filing website where notices, letters, questionnaires and orders issued from ITBA are displayed to the assessee, may be sent from designated departmental email addresses, and are deemed authenticated under Rule 127A; it provides online response submission, departmental access to responses, opt out and manual mode options, and time barred submission controls consistent with Information Technology Act definitions of electronic records and designated computer resources.

Employee-cost deduction reporting requires a chartered accountant's prescribed form certifying additional employee cost and computation.
Rule 19AB is substituted to require that claims for deduction under section 80JJAA be accompanied by a chartered accountant's report in Form No.10DA certifying the deduction determined on the basis of additional employee cost, supported by an annexure that records employee counts, additional employees eligible for deduction, emoluments, and computes thirty percent of those emoluments; specified exclusions to "additional employee" and to "emoluments" apply, and the amount is nil where emoluments are not paid by account payee cheque, draft or electronic clearing.

Appointment of National Committee for Promotion of Social and Economic Welfare: members named for a fixed term under section 35AC.
The Central Government, invoking section 35AC of the Income-tax Act read with rule 11G of the Income Tax Rules, appoints a Chairman and members to reconstitute the National Committee for Promotion of Social and Economic Welfare for a fixed one-year term commencing on the date of the notification, replacing the prior committee whose term expired; the notification names fourteen appointees and cites antecedent notifications that established and amended the committee's composition and procedures.

Post Office Monthly Income Account: deposits from 1 April 2017 earn 7.6% per annum, under the 2017 amendment.
The Post Office (Monthly Income Account) Amendment Rules, 2017, made under section 15 of the Government Savings Banks Act, 1873, take effect from 1 April 2017 and insert clause (o) in rule 8(1) prescribing the interest to be applied to deposits made on or after the effective date.

National Savings Certificates: five-year maturity with specified annual interest accrual and staged early-encashment values.
Certificates purchased on or after 1 April 2017 carry a five-year maturity from issue. Annual interest amounts per Rs.100 denomination are specified for each year, with interest for the first four years deemed reinvested and aggregated into the certificate's face value; the fifth-year interest accrues to be paid on encashment. Encashment after expiry yields Rs.146.25 per Rs.100 (proportionate for other denominations). For encashment between three and five years, staged payable amounts per Rs.100 denomination are prescribed for four sub-period bands, with proportional rates for other denominations and adjustment for discount.

Information sharing obligations: tax authorities may disclose only relevant confidential information to enable an anti-corruption body's statutory functions.
The Central Government designates Lokayukt and Up-Lokayukt, Uttar Pradesh as a specified authority to receive information from income-tax authorities. Income-tax authorities must furnish only relevant and precise information after forming an opinion that disclosure is necessary to enable the designated body to perform its functions, and must require the recipient to maintain absolute confidentiality of the information supplied.

Taxation of patent royalty: eligible assessees must file electronic Form 3CFA to opt for section 115BBF treatment.
Rule 5G requires an eligible assessee opting for taxation of patent royalty under section 115BBF to furnish Form No. 3CFA electronically, duly verified, on or before the due date for the relevant return of income. The Director General of Income-tax (Systems) will specify procedures, formats and security, archival and retrieval policies for capture, transmission and verification. Form 3CFA mandates assessee identity, assessment year and return dates, a five-year non-application declaration, detailed patent particulars, royalty income nature and amounts, and itemised Indian and foreign expenditure with a seventy five per cent Indian expenditure test.

Tax exemption notification for Science and Engineering Research Board exempts specified non commercial incomes subject to conditions and filing requirements.
The Central Government notifies the Science and Engineering Research Board as a specified entity for tax purposes, listing exemptible income categories: central government grants (revenue and capital), bank interest, refunds of unspent grants, and other receipts such as RTI fees and scrap sale. The notification is subject to conditions that the Board shall not carry on commercial activity, must keep activities and the nature of specified income unchanged across financial years, and must file returns under the statutory return provision; it is applied retrospectively to specified years.

Tax exemption under Section 10(46) preserves specified income of a state electricity regulatory commission, subject to conditions.
Notification under Section 10(46) exempts specified receipts of the Madhya Pradesh Electricity Regulatory Commission - including petition fees, interest on savings, fines and charges, and incidental receipts such as grants, sale of tender documents, processing and copying fees, license fee, vehicle rent, staff loan interest, RTI receipts and tariff book receipts - subject to conditions that the Commission not engage in commercial activity, that the nature of specified income remain unchanged, and that the Commission file returns as required under the Income-tax Act; the notification is given retrospective effect for listed years.

Specification of income-tax authority: Director Vigilance and Anti-Corruption notified to receive tax information subject to confidentiality.
The Central Government designates the Director, Vigilance and Anti-Corruption, Government of Tamilnadu as a specified income-tax authority to receive tax information necessary for it to perform statutory functions. Furnishing authorities must form an opinion that only relevant and precise information is necessary and must require the notified authority to maintain absolute confidentiality in respect of the information supplied.

Income-tax amendments revise ITR eligibility and form names, add income-based exclusions, and update electronic filing modes.
The Income-tax (Fourth Amendment) Rules, 2017 amend rule 12 to revise return-filing eligibility, expand exclusions from simplified returns to taxpayers with total income over fifty lakh rupees and specified categories of taxable income, reassign form requirements (notably directing certain individuals/HUFs to Form ITR-2, proprietors under presumptive schemes to Form SUGAM (ITR-4), and proprietors to Form ITR-3 where applicable), update permitted electronic and limited paper filing modes, and substitute and omit multiple entries in Appendix II concerning ITR form names and availability, effective from 1 April 2017.