Research funding approval enables tax deductible donations to approved institutions subject to strict accounting, audit and reporting requirements.
Approval is granted to M/s Indian Institute of Science Education and Research, Bhopal as a university category institution for purposes of clause (ii) of sub section (1) of section 35, subject to conditions: sums must be used for scientific research conducted by faculty or enrolled students; separate books of account for research receipts and expenditures must be maintained and audited with the audit report furnished to the tax authority by the return due date; donations must be recorded in a separate auditor certified statement and used exclusively for core scientific research; and the institute must file a statement of past research, publications, patents, and planned projects with financial allocations.

Scientific Research Association approval requires audit and reporting compliance to retain income-tax benefit eligibility under Income-tax law.
Approval of M/s Institute of Nano Science and Technology, Mohali as a Scientific Research Association is notified from Assessment Year 2018-2019 subject to conditions: undertake and directly carry out scientific research; maintain separate books of accounts and a separate statement of donations and amounts applied for research; obtain an accountant's audit and furnish the audit report and certified statement to the tax authority by the due date of filing the return; and submit an annual statement on research activities, publications, patents and planned projects with financial allocations. Approval may be withdrawn for specified defaults or cessation of genuine research activity.

Gratuity exemption limit under Section 10(10)(iii) increased for qualifying retirements, incapacities, deaths and terminations.
The Central Government specifies twenty lakh rupees as the limit for the purposes of Section 10(10)(iii) in relation to gratuity payable to employees who retire, become incapacitated prior to retirement, die, or whose employment is terminated on or after the stated effective date, and the notification supersedes the earlier 2010 notification to the extent inconsistent.

Tax exemption under section 10(6C) - royalty and technical service fees excluded from taxable income for specified foreign company.
The Central Government, under section 10(6C) of the Income tax Act, 1961, notified that income of M/s Elbit Systems Limited characterized as royalty or fees for technical services received under the contract with the Ministry of Defence (contract AIRHQ/S96344/1/ASR dated 30 January 2017) shall be excluded from computing the company's total income to the extent specified in the notification.

Approval under section 35(1)(ii) permits research institutions to receive approved research donations subject to strict compliance obligations.
Central Government approved three units under Agricultural Development Trust, Baramati as institutions engaged in research for the purposes of clause (ii) of sub-section (1) of section 35, from assessment year 2018-2019, subject to conditions: sums received must be used for scientific research conducted by faculty or students; separate books of accounts for research receipts/expenditure must be maintained and audited with the audit report filed by the return due date; an auditor-certified statement of donations used exclusively for core scientific research must be furnished; and a statement describing research undertaken, publications, patents, and planned programmes with allocations must be filed. Approval may be withdrawn for non-compliance or cessation of genuine research.

Exemption for startup share premium: qualifying resident subscriptions excluded from taxation under section 56(2)(viib) when conditions met.
Provision of section 56(2)(viib) is inapplicable to consideration for shares exceeding face value where a company qualifies as a startup, the subscription is by a resident, the company meets the eligibility criteria in the notified startup framework, and the company files the required declaration; the notification supersedes the earlier one and is given retrospective effect.

Nodal Officer designation enables information sharing to identify eligible PM-KISAN beneficiaries under the income tax information regime.
The Central Government specifies the Nodal Officer for PM-KISAN in each State and Union Territory to enable sharing of income tax information for identifying eligible beneficiaries under the scheme, connecting State/UT nodal points with income tax authorities to exchange assessment data necessary for eligibility determination.

Designation of authorized withholding officer: Joint Secretary PMAY named for specified functions under Income tax Act provision.
Central Government notification designates the Joint Secretary (PMAY), Ministry of Housing and Urban Affairs, as the specified official for purposes of sub-clause (ii) of clause (a) of sub-section (1) of Section 138 of the Income tax Act, 1961, thereby identifying the executive post responsible for the statutory functions referenced in that provision.

Corrigendum to income tax notification: date amended from fifteenth to first, modifying the published notification text.
Corrigendum directs that in the earlier Gazette notification (G.S.R. 76(E)), the term "15th" appearing in line 9 be read as "1st", amending the published notification's text without other substantive changes.

Approval change for share premium treatment: CBDT approval now governs exemption of consideration received over face value for share issues.
The amendment substitutes the notification wording to provide that consideration received by a company from an investor for issue of shares that exceeds face value is conditioned on approval by the Central Board of Direct Taxes under the referenced notification as modified, replacing prior reference to approval by the Inter Ministerial Board of Certification; the amendment operates retrospectively and is accompanied by an explanatory memorandum that no person shall be adversely affected.

Recognition as 'recognised association' imposes client-data, audit-trail, transaction-integrity, and monthly reporting obligations on the exchange.
Notification designates M/s BSE Limited as a recognised association for commodity derivative trading from commencement of such trading, conditional on either regulatory approval for derivatives or implementation of safeguards: recording and storing client particulars (including unique client identity number and PAN); maintaining a seven-year audit trail of derivative transactions; preventing erasure of recorded transactions; permitting modifications only for genuine error with retention of modification data; and monthly reporting of modified-transaction data in Form No. 3BC to the Director General of Income-tax (Intelligence and Criminal Investigation) within fifteen days of month-end.

Income exemption for Real Estate Regulatory Authorities limited to specified non commercial receipts, subject to filing and activity conditions.
Notification designates Real Estate Regulatory Authorities constituted under the Real Estate (Regulation and Development) Act, 2016 as a class of Authority for exemption of specified income: grant in aid or government loans/advances, fees/penalties from stakeholders under the Act, and interest on those receipts. The exemption is conditional on non engagement in commercial activity, unchanged activities and income character across financial years, and filing returns under clause (g) of sub section (4C) of section 139. The notification is applied retrospectively to assessment year 2018 19 and to subsequent assessment years listed in the notification schedule.

Tax exemption for commission income: petition and licence fees plus related interest exempt, subject to non commercial activity and filing conditions.
Notification under section 10(46) designates the Joint Electricity Regulatory Commission (for the State of Goa and Union Territories except Delhi) as a government constituted commission and specifies that petition fees, licence fees and interest on those receipts constitute the specified income covered by the clause. The exemption is subject to conditions: no commercial activity, unchanged activities and income character across years, and filing returns in accordance with clause (g) of sub-section (4C) of section 139; the notification is applied retrospectively and to specified subsequent assessment years.

Centralised verification: electronic, digitally signed tax notices require machine readable responses and automated processing outcomes.
The Centralised Verification Scheme authorises a Centralised Verification Centre to issue digitally signed electronic notices requiring machine readable responses, process submitted information or documents, and make the processing outcome available to the Assessing Officer. Service of notice is via portal and SMS; personal appearance at the Centre is not required. The Principal Director General/Director General (Systems) shall specify detailed procedures for notice formats, receipt and acknowledgment, portal functions, verification processing, data formats for outcomes to Assessing Officers, centralized storage and a grievance mechanism.

Prescribed income-tax authority designated as an Assistant Commissioner-ranked officer authorised to exercise investigative powers under the Act.
The prescribed income-tax authority for statutory inquiries is an income-tax officer of not below Assistant Commissioner rank who has been authorised by the Central Board of Direct Taxes to act as such authority; the substitution confines the prescribed authority to officers meeting the rank threshold and formal authorisation requirement and takes effect on publication in the Official Gazette.

Rescission of notification: prior tax notification treated as never issued, removing associated tax benefits retroactively.
Central Government rescinds the 2008 tax notification with effect from 1 April 2011 and declares that, from that date, the earlier notification shall be deemed not to have been issued for any tax benefit under the Income-tax Act or any other law, thereby removing the legal basis for benefits previously attributable to that notification.

Corrigendum updating an income tax notification: clause cross reference changed and "scientific research" replaced by "social science research".
Corrigendum to Notification No. 68/2009 replaces the reference "clause (ii)" with "clause (iii)" in paragraph 1 and paragraph 2, clause (e), and substitutes the phrase "scientific research" with "social science research" in paragraph (1), clauses (i)-(iv), and paragraph (2), clause (c), thereby effecting targeted textual and cross reference amendments to the original income tax notification.

Research approval under section 35(1)(ii) conditions donations on strict accounting, audit and disclosure obligations.
Central Government approved Jubilee Centre for Medical Research as a University/Institution for research under clause (ii) of sub section (1) of section 35, subject to conditions: sums must be used exclusively for scientific research carried out by faculty or enrolled students; separate books of accounts for research receipts and expenditures must be maintained and audited by a qualified accountant with the audit report and an auditor certified statement of donations furnished to the tax authority by the due date; and an annual research activity statement, publications summary, patent information and forthcoming research programme with financial allocation must be submitted.