Extension of tax exemption for a sovereign wealth fund under section 10(23FE) prolongs the fund's eligible exemption period.
Extension of tax exemption for the sovereign wealth fund MIC Redwood 1 RSC Limited is effected by substituting the terminal date in the opening paragraph of the original notification, thereby extending the period during which the fund remains eligible for the exemption under section 10(23FE); the amendment has effect from the first day of April preceding the substitution until publication of the amending notification in the Official Gazette.

Exemption under Section 10(46) for Uttaranchal Board: specified incomes exempt subject to non-commercial and filing conditions.
Exemption is granted to Uttaranchal Board of Technical Education, Roorkee for specified incomes including government grants and subsidies; statutory fees, fines and penalties; sales of application forms and educational material; disposal of assets and sale of scrap; rent from let-out properties; royalty or licence fees for technical knowledge and infrastructure; and interest on bank deposits. The exemption is conditional on non-engagement in commercial activity, stability of activities and income nature during the financial year(s), and compliance with the prescribed return-filing requirement; it is applicable retrospectively to the relevant assessment year.

Disclosure of taxpayer information: Central government specifies APC and Secretary, Agriculture & Co operation Telangana under Section 138 for disclosure.
The Central Government, under the Income tax disclosure provision, designates the Agriculture Production Commissioner and the Secretary to the Government, Agriculture & Co operation Department, Government of Telangana as the specified functionaries authorised to receive information respecting assessees for the purposes of the cited clause, enabling inter departmental information sharing within the statutory disclosure framework.

Electronic filing requirement for specified income-tax forms mandated with prescribed verification under applicable rule provisions.
Specified Forms listed in Appendix-II to the Income-tax Rules, 1962 shall be furnished electronically and shall be verified in the manner prescribed under sub-rule (1) of Rule 131, encompassing applications for notification of affordable housing projects and semiconductor wafer fabrication units as specified businesses, applications for pre-filing meetings, opting for Safe Harbour for specified domestic transactions, and applications for approvals related to public-issue investment exemptions.

Income-tax exemption for specified income of Kerala Co-operative Deposit Guarantee Fund Board, subject to non-commercial and filing conditions.
Notification grants income-tax exemption to Kerala Co-operative Deposit Guarantee Fund Board for specified income: Government contributions, society contributions under the Kerala Co operative Deposit Guarantee Scheme, and interest on bank deposits. The exemption is conditional on no commercial activity, maintenance of unchanged activities and nature of specified income during the financial year(s), and filing the return of income as required by the applicable return-filing provision; the notification is dated 12 June 2024 and is retrospectively effective for specified assessment years.

Jurisdiction under Section 120 redefined to specify territorial districts and an additional state, altering tax authority coverage.
The Central Board of Direct Taxes amends Schedule II under Section 120 of the Income tax Act by removing the coterminous reference in one entry and substituting, for another entry, a specific list of revenue districts together with the State of Uttarakhand as the territorial limits of the Directorate's jurisdiction; the amendment is effective from 6th June, 2024.

Exemption under section 10(46) for Real Estate Appellate Tribunal Punjab: specified income exempt subject to prescribed conditions.
The Central Government notifies Real Estate Appellate Tribunal, Punjab as a 'body' for the specified exemption, covering fees/charges/fines under the Real Estate (Regulation and Development) Act and Punjab rules, government grants, and interest on bank deposits; the exemption is subject to conditions that the Tribunal shall not undertake commercial activity, its activities and the nature of specified income remain unchanged during the financial years, and it files income-tax returns in accordance with the prescribed filing provision, effective for assessment years 2023-2024 to 2027-2028.

Lower deduction reporting: Form 27Q requires marking 'P' where section 197A(1F) notification reduces or eliminates TDS.
Amendment inserts Note 7A in the Verification notes of Form No. 27Q directing filers to write "P" when lower deduction or no deduction applies by virtue of a notification issued under sub-section (1F) of section 197A, standardizing the reporting of notification-based reductions in TDS.

Tax exemption notification: Mathura Vrindavan Development Authority notified as eligible, subject to statutory purpose condition.
Notification designates the Mathura Vrindavan Development Authority, constituted under the Uttar Pradesh Urban Planning Development Act, 1973, as the notified assessee under sub-clause (b) of clause (46A) of section 10 of the Income-tax Act; effective from assessment year 2024-25 and conditional on continuation as an authority with one or more purposes specified in sub-clause (a) of clause (46A) of section 10.

Higher rate TCS: Reserve Bank of India notified under the proviso to section 206CCA, effective on publication.
Central Government notifies the Reserve Bank of India to be the person referred to in clause (ii) of the proviso to sub-section (3) of section 206CCA of the Income-tax Act, 1961, relating to collection of tax at source at a higher rate for non-furnishing of income-tax returns; the notification takes effect from its publication in the Official Gazette.

Higher TDS for non-furnishing of ITR: Reserve Bank notified as a specified person, effective on publication.
Central Government has notified the Reserve Bank to be a person referred to in the proviso to the higher-TDS provision, bringing the central banking authority within the scope of the higher rate of tax deduction for payees who do not furnish income-tax returns; the notification is effective from its publication in the Official Gazette.

Cost Inflation Index updated: government notifies a new index value, effective for the upcoming assessment year.
Notification inserts a new table entry specifying the Cost Inflation Index for the financial year 2024-25 under the authority of clause (v) of the Explanation to section 48 of the Income-tax Act, amending the prior Gazette notification and stating that the new index comes into force on the first day of April and applies to the corresponding assessment year and subsequent assessment years.

Tax exemption for public water board extends to designated service receipts subject to non commercial and filing conditions.
Notification grants exemption to Tamil Nadu Water Supply and Drainage Board, Chennai for specified incomes: water charges to recover maintenance costs; centage charges from local bodies for water supply and sewerage works to compensate establishment charges; investigation and DPR preparation charges for schemes to cover establishment charges; and interest earned on bank deposits. The exemption is conditional on the Board not engaging in commercial activity, maintaining unchanged activities and specified incomes during the financial year(s), and filing its return of income as required by the referenced return filing provision.

Income exemption under section 10(46) extends tax-free treatment to specified Commission receipts subject to conditions.
Notification grants income exemption under clause (46) of section 10 to the Tamil Nadu Electricity Regulatory Commission for government grants, specified regulatory fees, penalties under the Electricity Act, and interest on bank deposits, subject to conditions: no commercial activity, unchanged activities and income nature across financial years, and filing of return as required under the Income-tax Act; the notification is made retrospectively applicable to assessment years relevant to financial years 2017-18 through 2021-22.

Tax exemption under section 10(46) granted to Kerala Autorickshaw Workers Welfare Fund Scheme, covering specified receipts subject to conditions.
Exemption under section 10(46) is notified for Kerala Autorickshaw Workers Welfare Fund Scheme, Kollam, for specified receipts: State Government grants, contributions from registered workers, contributions from self employed persons and employers for workers, registration fees, and interest on bank deposits. The exemption is subject to conditions that the Authority shall not undertake commercial activity, its activities and specified income remain unchanged, and it files income tax returns as prescribed. The notification covers assessment years 2024 2025 to 2028 2029.

Section 80G notification designates a temple as historic and public worship place, allowing donations for renovation until expiry.
Notification under clause (b) of sub section (2) of section 80G designates Shree Ramanuj Kot Laxmi Venkatesh Mandir, managed by Shree Ramanuj Kot Trust, Indore, as a place of historic importance and public worship for the purposes of that section, limited to renovation or repair and effective only until the prescribed amount is collected or until the stated expiry date, whichever is earlier.

Control of income-tax authorities reorganised: hierarchical subordination and unit allocations updated, effective immediately.
Amendment under section 118 replaces references to the previous Schedule with a "First Schedule", inserts clauses assigning specified Principal Commissioners as subordinate to specified Principal Chief Commissioners and Income-tax Authorities of Units as subordinate to specified Principal Commissioners, substitutes multiple serial entries in the First Schedule to reallocate Assessment, Verification and Review Units among regional commissionerates, and inserts a Second Schedule listing headquarters, principal commissioners and corresponding units; the notification commences immediately.

Research Association Approval: Amul R&D recognised for scientific research permitting retrospective research tax benefits to be claimed.
Approval is granted to Amul Research and Development Association as a Research Association authorised to undertake Scientific Research for purposes of claimable research-related tax benefits under the income-tax framework, with the notification applied retrospectively for prior assessment years and issued following judicial proceedings and ministerial certification that no person is adversely affected.

Return verification requirement: failure to verify within the prescribed period after uploading renders the return invalid.
A corrigendum clarifies that an uploaded income-tax return must be verified within a prescribed verification period after uploading or by the statutory due date for filing, whichever is later; failure to verify within that timeframe will render the return invalid due to non-verification.

Verification time limit: return uploaded and e verified within thirty days is treated as furnished; late verification treated as late filing.
Where an ITR is uploaded and e verification/ITR V is completed within thirty days, the upload date is the date of furnishing; if verification occurs after thirty days, the verification date is the date of furnishing and late filing consequences apply. A duly verified ITR V must be sent to the Centralised Processing Centre, Bengaluru, and the CPC receipt date counts for the thirty day determination. Returns not verified within thirty days of uploading or by the statutory due date, whichever is later, shall be treated as invalid due to non verification.