Deduction under income tax: approved project cost increased after committee recommendation to preserve deduction eligibility.
The Central Government amends the prior notification to substitute a revised maximum approved project cost for the notified "Jeevanjyoti-The Healing Touch Expansion Project" executed by Dr. Babasaheb Ambedkar Vaidyakiya Pratisthan, Aurangabad, following the National Committee's recommendation that the project is properly executed and its estimated cost should be enhanced, thereby authorising expenditure up to the revised approved cost to qualify for the income-tax deduction.

Section 35AC deduction: Mid Day Meal project eligibility extended and project cost ceiling increased for additional years.
The Central Government approved the National Committee's recommendation to notify the "Mid Day Meal Project in Jharkhand" carried out by Iskcon Food Relief Foundation for a further three-year period commencing 2014-15 and to increase the maximum allowable project cost by substituting the earlier notified amount with a higher revised amount, thereby amending the prior notification and adjusting the cap on expenditure eligible for deduction under the tax provision.

Tax deduction eligibility extended for Sadvichar Samiti project, prolonging the approved scheme period at unchanged approved cost and corpus fund.
The Central Government re-notifies the charitable scheme "Sadvichar Samiti-Nadiad" as an eligible project for tax-deduction purposes, following a committee recommendation that the project is being properly executed and will extend beyond its initial term. The notification continues the scheme for a further multi-year period on the same approved total cost, including the designated corpus fund, without any change to the financial estimates previously sanctioned.

Section 35AC project extension granted for Adhiparasakthi Health and Social Upgradation Programme for one further financial year.
The Central Government, acting under the Income tax Act and on recommendation of the National Committee for Promotion of Social and Economic Welfare, re notifies the "Adhiparasakthi Health and Social Upgradation Programme" carried out by Adhiparasakthi Charitable, Medical, Educational and Cultural Trust for one additional year for financial year 2014 15, maintaining the previously approved project cost unchanged.

Tax deduction eligibility extended and project cost enhanced, permitting continued notified status for Sri Sathya Sai Heart Hospital.
The Central Government, acting on the National Committee's recommendation, notifies continuation of the Sri Sathya Sai Heart Hospital project by Prashanti Medical Services & Research Foundation for three further financial years commencing 2014-15 and amends the earlier notification to substitute the previously specified maximum allowable project cost with a higher project cost figure inclusive of the corpus fund, thereby preserving the project's eligibility for deduction treatment under the relevant tax provision during the extended period.

Section 35AC extension: Jaipur Rugs Foundation carpet weaving scheme extended for three further financial years.
The Central Government re-notifies the eligible project "livelihood creation through carpet weaving" by Jaipur Rugs Foundation under the Explanation to Section 35AC, extending its specified status for a further three financial years commencing 2014-15 and retaining the previously approved project cost; the extension follows the National Committee's recommendation under rule 11M(5) of the Income-tax Rules that the project is being executed properly.

Extension of eligible project status under the Income-tax Act: Abhaya Ashraya scheme renewed for three years; certificate withheld for elapsed year.
The Central Government has renewed notification of Abhaya Ashraya's welfare scheme as an eligible project under the Income-tax Act, retaining the approved project cost unchanged, pursuant to the National Committee's recommendation that the project is properly executed. The renewal covers a further three financial years but directs that no certificate shall be issued for the first of those years because it had already elapsed at the time of notification.

Section 35AC extension preserves eligibility of an approved healthcare project under the notified tax-incentive scheme for an additional term.
The Central Government notifies that the "Expansion / Renovation of already running Hospital and Healthcare centres / programs for rural poor" by Dr. Babasaheb Ambedkar Vaidyakiya Pratisthan, Aurangabad, remains an eligible project under Section 35AC, based on the National Committee's recommendation that the project is being executed properly, and specifies the project for a further three-year period while maintaining the originally approved project cost.

Tax incentive extension: Eligible dialysis project continued for a further three-year period without change in approved corpus.
The Central Government, on the National Committee's recommendation under rule 11M sub rule (5), notifies continuation of the dialysis centre project carried out by Shree Mahavir Health and Medical Relief Society for a further three financial years commencing 2014 15, without any change to the previously approved corpus fund amount.

Section 35AC eligible project designation extended for Cansupport, preserving the corpus fund cost and tax-advantaged status.
The notification extends the designation of the Corpus fund for Cansupport as an eligible project under the Income-tax Act, carried out by CANSUPPORT, New Delhi, without change to the approved corpus cost, following the National Committee's recommendation under the applicable rule and preserving the project's tax-advantaged status for the further specified period.

Section 35AC eligible project extension approved, preserving approved cost and permitting further qualifying expenditure for the scheme.
The notification extends the specification of the project "Development Plan of Hospice, shelter, Training and Orphanage Center for Poor People" carried out by Social Activities Integration for a further three-year period beginning 2014-15, preserves the previously approved project cost, and confirms continued qualification as an eligible project under Section 35AC following the National Committee's recommendation under the relevant rule.

Tax exemption under Section 35AC extended for outreach cancer care and related charitable schemes by Global Cancer Concern India.
Notification under Section 35AC specifies that the project comprising vocational training, education to a destitute child, outreach cancer care, detection camp and palliative therapy, carried out by Global Cancer Concern India, is extended for a further three years commencing with financial year 2014-15, on the recommendation of the National Committee which found the project properly executed, without change to the approved project cost.

Section 35AC project extension: Watershed Project by READS extended for three years; certificates not issued for elapsed years.
The Central Government notifies continuation of the "Watershed Project" by READS as an eligible project under Section 35AC for a further three-year period commencing 2012-13 without change to the approved project cost; however, no certificate under Section 35AC(1) shall be issued for the already elapsed financial years 2012-13 and 2013-14, following a recommendation by the National Committee that the project is being properly executed.

Deduction under Section 35AC extended for One Teacher Schools project and maximum allowable project cost increased.
Notification under Section 35AC extends eligibility for tax-deductible expenditure on "Running of 3150 One Teacher Schools" by Bharat Lok Shiksha Parishad for a further three financial years and, following the National Committee's recommendation that the project is being properly executed, amends the earlier notification to increase the maximum project cost eligible for deduction.

Audit Reporting Obligations updated: revised audit forms require extensive particulars and disclosures under section 44AB.
Amendment replaces Forms 3CA, 3CB and 3CD prescribing revised audit report formats under section 44AB and requires Form 3CD as an annexed statement of particulars. Form 3CD mandates identifying data, business and accounting particulars, deviations from accounting standards, inventory valuation, conversion of assets, detailed depreciation schedules, disclosures of inadmissible amounts and deemed incomes, loans and repayments not made by account payee instruments, tax deduction and collection particulars, brought forward losses and change-in-shareholding effects, and reporting of related statutory audits and tax demands or refunds.

Tax deduction eligibility: approved institution and social welfare project qualified for specified deductible cost across a three year approval period.
Notification approves Rashtriya Seva Samithi's health and welfare project for specified disadvantaged groups in designated districts and specifies the estimated project cost, the maximum amount eligible as a deduction under the Income Tax deduction provision, and a three financial year period of approval commencing with 2013-14 through 2015-16, with no deduction available for the already lapsed initial year.

Deduction under Section 35AC: notification lists approved institutions and projects with specified deductible costs during the approval period.
Notification under Section 35AC lists seventeen institutions approved by the National Committee, specifies for each the eligible project or scheme, records the estimated project cost and the maximum amount of that cost allowable as a deduction under Section 35AC, and fixes the period of approval as three financial years commencing with 2014-15. The Table covers projects in housing, medical care and research, vocational training, education, agro-horticulture and rural health services, and a later substitution amended one listed cost figure.

Interest accrual and reinvestment: revised NSC interest schedule and encashment values effective from start of financial year.
Amendments prescribe a year by year interest accrual schedule for certificates purchased on or after the start of the financial year, require accrual of interest to holders with accruals up to the fourth year deemed reinvested and aggregated with face value, set a specified maturity amount for the Rs.100 denomination, and add an encashment valuation Table for certificates encashed after three years with amounts inclusive of interest after discount adjustment, applicable proportionately to other denominations.

National Savings Certificates: five year maturity, annual interest accruals with reinvestment, and tiered early encashment rates.
The amendment sets a five year maturity period for National Savings Certificates purchased on or after 1 April 2014, prescribes annual interest accruals for a Rs.100 denomination with accrued interest through year four deemed reinvested and aggregated with face value, and specifies proportionate rates for other denominations. It also provides a tiered table fixing amounts payable on encashment after three years but before maturity, and substitutes transitional date references so purchases between 1 April 2013 and 1 April 2014 remain under prior rules.

Post Office Monthly Income Account: 8.4% interest for deposits made on or after April 1, 2014.
The Central Government amends rule 8(1) of the Post Office (Monthly Income Account) Rules, 1987 by inserting clause (l) prescribing 8.4 per cent per annum in respect of deposits made on or after the 1st day of April, 2014, and declares the amendment to be deemed to have come into force on 1 April 2014.