Designated authorities under Direct Tax Vivad Se Vishwas Act notified to resolve Income-tax disputes under the Act.
Notification designates specified jurisdictional Commissioners of Income-tax as designated authorities under the Direct Tax Vivad Se Vishwas Act, 2020 to provide a mechanism for declarants to resolve disputes under the Income-tax Act, 1961; the Schedule names the Commissioner posts and their headquarters across specified cities, and the order is effective from 18.03.2020.

Designated authorities under Direct Tax Vivad Se Vishwas Act enable administrative dispute resolution for taxpayers from specified jurisdictions.
Notification designates specific Principal Commissioners and Commissioners of Income Tax as designated authorities under the Direct Tax Vivad Se Vishwas Act, 2020, listing each authority with its CCIT charge and headquarters to administer declarations for dispute resolution under the Income Tax Act, 1961. The designation relies on powers under section 120(1) and (2) of the Income Tax Act as delegated by CBOT notification No. 51/2014, and the order takes effect from 18.03.2020.

Direct Tax Vivad se Vishwas: electronic declarations, certificates and computed settlement payments with carryforward and MAT adjustments.
The rules prescribe electronic declarations (Form 1), irrevocable undertakings (Form 2), certificates of determination (Form 3), payment intimation with proof of withdrawal (Form 4) and settlement orders (Form 5) under the Direct Tax Vivad se Vishwas Act, 2020; require verification under income tax return rules; assign systems responsibilities for e filing and security; permit options for treating reductions in loss, unabsorbed depreciation or MAT credit (include in disputed tax or carry forward reduced amounts) with specified proportional and multiplier adjustments for non search and eligible search cases; and set proportional apportionment principles where issues are covered in the declarant's favour.

Eligible Foreign Investor deemed Foreign Institutional Investor for IFSC securities transactions paid in foreign currency.
A nonresident that qualifies as an Eligible Foreign Investor and complies with the specified regulatory circular shall be deemed a Foreign Institutional Investor for transactions in securities on a recognised stock exchange in an International Financial Services Centre, where consideration for the transaction is paid or payable in foreign currency. The notification relies on statutory definitions for International Financial Services Centre, recognised stock exchange and securities.

Securities in IFSC exchanges: specified instruments notified for recognition under income-tax transfer provisions including mutual funds and exchange traded funds
Notification designates specified securities listed on a recognised stock exchange in any International Financial Services Centre as covered under sub-clause (d) of clause (viiab) of section 47 for income-tax purposes, listing eligible instruments-including foreign currency denominated bonds, units of mutual funds, business trusts, alternative investment funds, bullion depository receipts, investment trusts, schemes and IFSC-listed exchange traded funds-and cross-referencing statutory definitions and regulatory compliance with SEBI or IFSCA rules.

Investment by authorised payment system participants permitted in RBI approved payment companies where majority equity is held by NPCI.
The amendment recognises investment made by a person authorised under section 4 of the Payment and Settlement Systems Act, 2007 in equity, bonds or debentures of companies engaged in retail or digital payments that are regulatory approved for such operations and in which a national payments corporation holds majority equity; the insertion takes effect on publication in the Official Gazette.

Exchange of tax information and mutual assistance enabled between India and Brunei, with confidentiality and procedural safeguards.
The Central Government notifies an Agreement with Brunei Darussalam under section 90 of the Income tax Act giving effect to provisions for the Exchange of Information and Assistance in Collection regarding taxes. Competent authorities must exchange foreseeably relevant information on request or automatically, may assist in tax examinations abroad, and can accept and enforce tax claims subject to domestic law. The Agreement sets procedural requirements for requests, confidentiality and disclosure limits, grounds for declining assistance, cost allocation, implementation legislation, mutual agreement procedure, entry into force and termination rules.

Special Court designation under income-tax law empowers CJM courts in Punjab, Haryana and Chandigarh to try black money offences.
The Central Government designates the Court of Chief Judicial Magistrate in each Sessions Division in Punjab and Haryana and the Court of Chief Judicial Magistrate in the Union Territory of Chandigarh as Special Court to hear matters under the Income-tax law and the Black Money (Undisclosed Foreign Income and Assets) Act within their respective jurisdictions, following consultation with the Chief Justice of the Punjab and Haryana High Court.

Definition of unauthorised colony aligned with property-rights statute, amending rule 11UAC's Explanation and applicability from fiscal commencement.
The amendment substitutes clause (b) in the Explanation to rule 11UAC of the Income-tax Rules, 1962, providing that "unauthorised colony" shall have the same meaning as assigned in clause (b) of section 2 of the National Capital Territory of Delhi (Recognition of Property Rights of Residents in Unauthorised Colonies) Act, 2019; the change is effected by notification under delegated-legislation powers and carries a commencement provision from the relevant fiscal start.

Permanent Account Number inoperative where Aadhaar not intimated by prescribed deadline; PAN treated as not furnished or quoted.
Rule 114AAA makes a PAN inoperative if the PAN-holder required to intimate Aadhaar fails to do so by the prescribed deadline, and treats an inoperative PAN as not furnished, intimated or quoted under the Act, with statutory consequences; the PAN becomes operative from the date Aadhaar is subsequently intimated. The Director General of Income-tax (Systems) will specify formats, standards and procedures for verifying PAN operational status.

Option to adopt concessional corporate tax regime via prescribed electronic forms with mandated verification and procedural safeguards.
Prescribes electronic filing and standardized forms for domestic companies to exercise the option to adopt the concessional corporate tax regimes: Form No. 10-IC for the regime corresponding to section 115BAA and Form No. 10-ID for the regime corresponding to section 115BAB. Both forms must be furnished electronically under digital signature or electronic verification code; the tax systems authority will specify filing procedures, data structures, verification code generation and security, archival and retrieval policies. Each form requires corporate particulars, affirmative declarations of eligibility conditions, a non-withdrawal statement for the option, and signature by the principal officer.

Designation of Special Courts assigns existing magistrate courts as special forums to try specified tax and black money offences.
The Central Government, under the Income-tax Act and the Black Money Act and in consultation with the Chief Justice of the High Court, designates the courts of the Chief Judicial Magistrates in the Union Territory of Jammu and Kashmir as Special Courts to try offences under those enactments within their respective territorial jurisdictions.

PAN allotment through Common Application Form streamlines PAN issuance after FPI registration and KYC via Form 49AA transmission.
Procedure for PAN allotment for FPIs uses a Common Application Form (CAF) notified by the Department of Economic Affairs (SEBI). New FPIs are the covered class; applications are uploaded in the CAF. After SEBI issues the FPI Registration Certificate, SEBI forwards applicant data in Form 49AA to the prescribed Income Tax Authority via authorised signatories of Designated Depository Participants, with XML as the prescribed format.

Electronic payment modes expanded to include various digital instruments, enabling non-cash payments for tax rule compliance.
The amendment prescribes specific electronic payment modes-credit card, debit card, net banking, IMPS, UPI, RTGS, NEFT and BHIM Aadhar Pay-as recognised "other electronic modes" for tax-rule compliance, effective from a specified retrospective date. It also amends the rule on payments exceeding the relevant threshold by updating the marginal heading, reducing the monetary threshold for non-cash payment requirements to include the newly prescribed electronic modes, and omitting certain sub-clauses.

Research association approval requires compliance, reporting, and audit obligations to retain tax-benefit eligibility under income-tax rules.
Approval is granted to M/s. Institute of Pesticide Formulation Technology, Gurugram as a Research Association from Assessment Year 2019-2020 subject to conditions: the sole object must be scientific research carried out by the organisation; it must maintain separate books for research receipts and applications, obtain an audit by a qualified accountant and furnish the audit report and a certified donations-and-application statement by the due date for the income-tax return; and it must submit a statement describing prior-year research, publications, patents, and proposed research programmes and allocations for the forthcoming year.

Designation of Income-tax Authorities updated to list specified Chief, Principal and TDS Commissioners, effective on publication.
Amendment under the powers of section 120 substitutes the Schedule entries for a specified serial to list designated income-tax offices: Chief Commissioner of Income-tax, Shillong; Principal Commissioner/Commissioner of Income-tax, Guwahati; Principal Commissioner/Commissioner of Income-tax, Jorhat; and Commissioner of Income-tax (TDS), Guwahati, with the substitution effective on publication in the Official Gazette.

Tax administration jurisdictional reallocation defines Guwahati Commissioner's territorial and taxpayer classes, altering prior notification and effective on publication.
Substitutes Sl. No. 112 to designate the territorial jurisdiction of the Principal Commissioner/Commissioner of Income-tax, Guwahati to specified districts in Assam, Arunachal Pradesh and Meghalaya, and defines four taxpayer categories (non-company residents with non-business income; non-company taxpayers with principal place of business; companies with registered office or principal place of business in the area; specified individuals), while providing that all cases of those categories and all cases concerning certain company officers fall within that jurisdiction.

Country-by-country reporting: constituent entities must file prescribed forms with the designated tax official by the return due date.
Amendments require constituent entities to furnish information and documents in Form No. 3CEAA to the designated Joint Commissioner by the income-tax return due date; Part A of Form No. 3CEAA must be filed even if thresholds are not met; a single resident constituent entity may file on behalf of the group if designated and notified in Form No. 3CEAB thirty days before the filing due date. Rule 10DB designates the Joint Commissioner as the income-tax authority, mandates notification in Form No. 3CEAC two months before the report due date, and provides that details of the designated constituent entity be furnished in Form No. 3CEAE.

Approval under section 35(1)(ii)/(iii) granted to institution subject to research-use, separate accounting, audit, disclosure, and compliance conditions.
Approval to M/s Indian Institute of Technology (Indian School of Mines), Dhanbad under section 35(1)(ii)/(iii) of the Income-tax Act is granted from assessment year 2019-2020 as a "University, College or other Institution" subject to conditions: research-use of sums, research conducted by faculty or enrolled students, maintenance of separate books for research receipts and expenditures, audit by a qualified accountant with report filed by the income-tax return due date, certified statement of donations and applied sums, and a yearly statement on research activities, publications, patents and planned projects; approval may be withdrawn for non-compliance or cessation of genuine research.

Income-tax rules amended: ITR-1 and ITR-4 eligibility updated to include joint-owned house property and seventh proviso filing.
The amendment modifies Rule 12 to add eligibility items requiring return filing where an assessee owns a house property in joint ownership with two or more persons or is required to furnish a return under the seventh proviso to sub section (1) of section 139, and advances specified reference years. It also substitutes the Sahaj (ITR 1) and Sugam (ITR 4) forms in Appendix II, with the amendments effective from the prescribed commencement date.