Backward area designation under s.32/s.32AD recognises specified Bihar districts for applicable tax incentives from Gazette publication.
Central Government notifies specified districts of Bihar as backward areas under the first proviso to clause (iia) of sub section (1) of section 32 and sub section (1) of section 32AD of the Income tax Act, listing twenty one named districts and stating the notification takes effect from its publication in the Official Gazette.

Computation of period of stay in India: sea service on eligible international voyages excluded from residence period for crew.
Rule 126 excludes, for residential-status computation under section 6, the sea-service period recorded in the Continuous Discharge Certificate for joining and signing off on an eligible voyage by an Indian citizen who is a member of a ship's crew. "Continuous Discharge Certificate" is as defined in the Merchant Shipping Rules, 2001; "eligible voyage" means an international-traffic voyage between an Indian port and a foreign port. The amendment is made under Explanation 2 to clause (1) of section 6 read with section 295 and is retrospective from 1 April 2015.

Subordination of tax commissioners: Directors General and Chief Commissioners now subordinate to Principal Director Generals within jurisdiction.
The amendment substitutes clause (a) to state that Principal Directors General, Principal Chief Commissioners, Directors General of Income-tax (Investigation), Chief Commissioners of Income-tax (Central), Director General of Income-tax (I and CI) and Chief Commissioner of Income-tax (Exemptions) are subordinate to the Central Board of Direct Taxes, and inserts clause (aa) providing that Directors General or Chief Commissioners are subordinate to the Principal Director Generals or Principal Chief Commissioners within whose jurisdiction they perform their functions.

Tax exemption under section 10(46) for welfare fund receipts and deposit interest, subject to non commercial and filing conditions.
Notification under clause (46) of section 10 exempts specified income of the Kerala Shops and Commercial Establishments Workers Welfare Fund Board, namely amounts received into the Fund under the State Act and interest on bank deposits, effective for specified past and future financial years, subject to conditions that the Board refrain from commercial activity, maintain unchanged activities and income character, and comply with the prescribed income tax return filing requirement.

Tax exemption for welfare board: contributions and bank interest exempt subject to non-commercial activity, return filing and unchanged activities.
Notification under section 10(46) recognises the Kerala Abkari Workers Welfare Fund Board's exemption for specified income comprising employer and employee contributions and interest on bank deposits, subject to conditions that the Board shall not undertake commercial activity, shall file returns as per clause (g) of sub-section (4C) of section 139, and shall keep its activities and the nature of the specified income unchanged throughout the applicable financial years.

Tax exemption for royalties and technical services excludes specified contract receipts from taxable income under notified provision.
Notification exempts income of M/s Rosoboronexport by way of royalty or fees for technical services received under Contract No. P/235611233623 (24 January 2007) with Hindustan Aeronautics Limited, pursuant to the India-Russia intergovernmental agreement, from inclusion in the company's total income under the Income-tax Act up to Rs. 103.50 crore, as specified by the Central Government under clause (6C) of section 10 via Notification No. 66/2015 dated 13 August 2015.

Tax exemption under section 10(46) for state electricity regulatory commission's specified income, subject to non commerciality and reporting conditions.
Notification designates Telangana State Electricity Regulatory Commission exempt for specified income: fees under the Electricity Act, grants and loans from the state government, and interest on bank deposits, subject to conditions that the Commission not engage in commercial activity, file returns as required by clause (g) of sub section (4C) of section 139, and maintain unchanged activities and the nature of specified income for the applicable financial years.

Tax exemption under section 10(46): specified grants and deposit interest exempt when entity limits activities and files prescribed returns.
Notification under section 10(46) designates Karnataka State Rural Livelihood Promotion Society as entitled to exemption for grants from the Government of India, grants from the Government of Karnataka, and interest on bank deposits, subject to conditions that it shall not engage in commercial activity, its activities and specified income remain unchanged, and it files income-tax returns as required; applicability is for financial years 2013-14 to 2017-18.

Exchange of tax information: reciprocal, confidential assistance for tax administration and enforcement across jurisdictions.
The Agreement requires competent authorities to provide, upon request, any information foreseeably relevant to tax administration and enforcement, including bank, ownership and fiduciary records and, where permitted, depositions and authenticated originals. Requests must identify the person, period, nature and tax purpose of information and justify its presence within the requested Party's jurisdiction. The requested Party must acknowledge receipt, notify deficiencies within sixty days, and report inability or refusal within ninety days, while preserving grounds to decline based on public policy, legal privilege, trade secrets or inability to obtain information within territorial jurisdiction.

FATCA-related reporting requires financial institutions to identify and annually report specified data for reportable accounts under Form 61B.
These rules require reporting financial institutions to identify, maintain and annually report specified information for reportable accounts-including account holder identity, taxpayer identification numbers, account identifiers, year end balances and specified gross payments-under Form No. 61B; they define key terms (financial account, financial institution, reportable account, excluded account), set due diligence procedures and thresholds for pre existing and new accounts, require registration and designation of compliance officers, mandate electronic filing with digital signatures, and assign regulators to issue implementation guidance.

Income-tax rule amendment: substitution of ITR-3/ITR-4/ITR-5/ITR-6/ITR-7 forms, effective 1 April 2015.
The Central Board of Direct Taxes, under section 295 of the Income-tax Act, 1961, issues the Income-tax (Tenth Amendment) Rules, 2015 (Notification No.61/2015) to substitute new FORMS for ITR-3, ITR-4, ITR-5, ITR-6 and ITR-7 in Appendix-II of the Income-tax Rules, 1962; the rules are deemed effective from 1 April 2015.

Cost Inflation Index updated for a financial year, adding a new index value affecting capital gains computation.
Amendment inserts a new Cost Inflation Index entry for the financial year 2015-16 into the notified table of indexation values used for computing indexed cost of acquisition for capital gains under the Income-tax framework, effected by Notification No. 60/2015 dated 24 July 2015 which amends the principal Gazette notification S.O. 709(E).

Section 35AC eligible project extension: Palana Reddy trust's old-age home scheme extended for three years.
The Central Government, on the National Committee's recommendation under rule 11M(5), has notified an extension of the Section 35AC eligible project "Enhancement of the activities of present old age home and upcoming 200 old aged SC/ST/OBC & Below Poverty Line Persons" carried out by Palana Reddy Memorial Charitable Trust, maintaining the originally approved cost and specifying the project as eligible for a further three financial years commencing 2015-16.

Tax deduction under Section 35AC extended for Balgram SOS Children's Villages, preserving approved cost and donor eligibility.
The Central Government re-notifies the project "Balgram SOS Children's Villages", Pune, as an eligible project under Section 35AC for a further three-year period beginning with the financial year 2015-16, without any change in the previously approved project cost, following a recommendation by the National Committee that the project is being executed properly.

Eligible project designation extended for Calcutta Rescue following committee recommendation, maintaining approved project cost.
The Central Government, exercising powers under the Explanation to Section 35AC, notifies "Calcutta Rescue" (Regd. Office: 10, Nilmoni Mitra Street, Kolkata) as an eligible project for tax-deduction purposes and extends that notification for a further period of three years commencing with financial year 2015-16, without any change in the approved cost of Rs. 18.57 crore, following a recommendation by the National Committee that the project is being executed properly under the procedure prescribed in rule 11M.

Section 35AC eligible project extension granted for tribal welfare scheme, enabling continued tax-deductible expenditure treatment.
The Central Government, acting under the Income-tax Act's enabling provision and following a recommendation of the National Committee, notifies the Tribal Welfare Project carried out by Bharat Sevashram Sangha at Gangpur, Navsari, Gujarat, as an eligible project for a further three years beginning 2015-16, leaving the previously approved project cost unchanged and continuing the project's entitlement to the statute's special expenditure treatment.

Section 35AC eligible project extension preserves tax-deduction eligibility for sanitation and health training centre for further period.
Notification under Section 35AC specifies continuation of tax-deduction treatment for the "Expansion of existing Sanitation, Irrigation and Health Projects Training Centre" by Share Society to Heal Aid Restore Educate, maintaining the previously approved project cost and extending the project's specified eligibility for a further three-year period on the recommendation of the National Committee for Promotion of Social and Economic Welfare.

Section 35AC eligibility extended for H.B.S. Trust school and hospital project, preserving qualifying expenditure treatment for three further years.
Section 35AC eligibility for the project "Establishment and running of the school and hospital" by H.B.S. Trust, Jodhpur, is notified as an eligible project for a further three years beginning with financial year 2015-16, with no change in the previously approved cost including the corpus fund, thereby preserving the qualifying status of expenditure on the project for the extended period.

Eligible Project Notification under Section 35AC extends eligibility for a specified social welfare scheme following national committee recommendation.
Notification under Section 35AC designates the "Yuva Parivartan-Second Chance School of Business for less Educated Deprived youth" by Kherwadi Social Welfare Association as an eligible project or scheme, continuing recognition on the same approved estimated cost of Rs. 9.75 crore, and extends the specified period following the National Committee's recommendation under the Income-tax Rules.

Section 35AC eligible project extension: Jeevan Jyot Cancer Relief & Care Trust approved for a further three-year period.
The Central Government, on the National Committee's recommendation under the Income-tax Rules, has notified extension of the project "Maintaining Present Activities of Jeevan Jyot Cancer Relief & Care Trust" as an eligible project under the Explanation to Section 35AC, preserving the previously approved project cost and specifying the project for a further three financial years commencing 2015-16.