Return verification procedures require e verification or signed ITR V by speed post; a 30 day rule determines furnishing date.
Amendment substitutes revised ITR V and ITR Ack forms for AY 2024-25, prescribing verification methods (Aadhaar OTP, net banking, EVC or paper ITR V sent by speed post to CPC Bengaluru only), signature and submission rules, system generated metadata and barcode/QR, and a 30 day rule that treats timely ITR V submission as furnishing on the transmission date while later submission fixes the furnishing date at ITR V submission with late filing consequences.

Tax exemption for National Mission for Clean Ganga: specified income exempted subject to non-commercial and filing conditions.
Notification exempts specified income of the National Mission for Clean Ganga limited to grants-in-aid from the Government of India and interest on bank deposits, subject to conditions that the Authority shall not engage in commercial activity, the activities and nature of specified income remain unchanged, and the Authority files its return of income as prescribed; the notification is deemed to apply retrospectively to specified assessment years.

Disclosure of taxpayer information: Principal Secretary, Planning Department Uttar Pradesh named authorized recipient under section 138 of Income tax Act.
The Central Government designates the Principal Secretary, Planning Department, Government of Uttar Pradesh as the authorized recipient for disclosure of information respecting assessees under the Income tax Act, effectuated by a Ministry of Finance (CBDT) notification specifying that office-holder for purposes of the statutory disclosure provision.

Non-allowable deductions under clause (h) of section 43B broadened by corrigendum, altering tax deductibility treatment.
The corrigendum to G.S.R. 155(E) amends item E, clause 22 by inserting after "2006" the words "or any other amount not allowable under clause (h) of the Income-tax Act, 1961", thereby adding amounts not allowable under clause (h) of section 43B to the scope of clause 22 in the notification.

Tax limitation on royalties and technical fees: source tax capped where recipient is the beneficial owner, aligning treaty rates.
The Central Government, exercising powers under section 90 of the Income-tax Act, substituted paragraph 2 of Article 13 of the India-Spain convention so that royalties and fees for technical services may be taxed in the source State but, where the recipient is the beneficial owner, the tax charged shall not exceed ten per cent of the gross amount; the amendment implements the Protocol's paragraph providing for application of a lower source-tax rate and is applicable from assessment year 2024-25.

News agency specification under section 10 clause confirms tax-exempt status where income is used solely for news collection and distribution.
The Central Government designates The Press Trust of India Limited, New Delhi, as a news agency qualifying for exemption under the Income-tax Act clause for the specified assessment period, conditional on the agency applying or accumulating its income solely for collection and distribution of news and not distributing income to its members.

Approval of institution for scientific research confers tax-recognised university status under relevant provision, effective retrospectively for recent assessment years.
Central Government approval is granted to National Forensic Sciences University, Gandhinagar (PAN AAALN3742Q) as a university, college or other institution recognised for scientific research under the income-tax framework read with the specified rules, qualifying the institution for tax treatment applicable to research entities. The notification is effective retrospectively from its publication in the Official Gazette and applies to the assessment years identified in the notification; the explanatory memorandum certifies no person is adversely affected by retrospective effect.

Scientific research approval grants institute status enabling tax deduction eligibility for specified assessment years under income tax law.
Approval is granted to Sardar Vallabhbhai National Institute of Technology, Surat as a 'University, college or other institution' for Scientific Research under clause (ii) of sub section (1) of section 35 of the Income tax Act read with Rules 5C and 5E of the Income tax Rules by Notification No. 30/2024 dated 13 March 2024; the notification is effective from publication, operates retrospectively to the previous year 2023-24, and is applicable for the specified assessment years 2024-25 to 2028-29.

Scientific research approval under section 35 grants IIT Kharagpur notified status for research deduction across specified assessment years.
Approval of Indian Institute of Technology, Kharagpur as a notified 'University, college or other institution' for Scientific Research under clause (ii) of sub section (1) of section 35, read with Rules 5C and 5E of the Income tax Rules, 1962, with effect from the date of publication and retrospective applicability to the previous year 2023-24, covering assessment years 2024 25 to 2028 29.

TDS exemption for IFSC units: specified payments exempt from tax deduction subject to Form One filing and conditions.
No tax shall be deducted at source on specified payments to Units of an International Financial Services Centre where the payee claims deduction under the Section 80LA framework, provided the payee furnishes a verified statement cum declaration in Form No. 1 declaring the consecutive previous years for which the deduction is claimed; the payer shall stop deduction only after receipt of that form and must report all payments exempted from deduction in the prescribed statement. The relief applies only for the years declared in Form No. 1 and is subject to registration and regulatory definitions and secure data procedures to be prescribed by Income tax Systems authorities.

Tax audit reporting: enhanced Form 3CD/3CEB disclosures for transactions under new tax regimes and IFSC deduction cessation.
Amendments expand audit and transfer pricing reporting: Form 3CD updates references to 115BAD/115BAE and 44ADA, prescribes assessment-year-limited written down value adjustments under provisos to sections 115BAA/115BAC/115BAD/115BAE, inserts new table entries and broadens non-allowable expenditure definitions to include offences, penalties and compounding abroad, and corrects payer to payee. Form 3CEB adds a specified domestic transaction disclosure for transactions with persons under sub-section (4) of section 115BAE requiring party identification, amounts (books and arm's length) and pricing method. Form 65 adds IFSC unit verification and queries on cessation of section 80LA deduction.

Exemption from specified income granted to Karnataka Urban Water Supply and Drainage Board, subject to non-commerciality and filing conditions.
Notification under clause (46) of section 10 grants exemption to Karnataka Urban Water Supply and Drainage Board for specified income comprising establishment, administrative, supervision, water charges and rent; forfeiture of earnest money deposit; penalty, sale of scrap, storage and survey charges; and interest on bank deposits, subject to conditions that the Board shall not engage in commercial activity, activities and specified income remain unchanged across financial years, and the Board files its return of income as required.

Tax exemption for regulatory authority: specified grants, fees, RTI charges and deposit interest exempt subject to non commercial and filing conditions.
Notification under clause (46) of section 10 exempts specified incomes of the Uttar Pradesh Real Estate Regulatory Authority: government grants or loans/advances; fees and penalties under the Real Estate (Regulation and Development) Act; RTI fees; and interest on bank deposits. The exemption is conditional on the Authority not undertaking commercial activity, maintaining unchanged activities and income nature across financial years, and filing returns under clause (g) of sub-section (4C) of section 139 of the Income-tax Act.

New ITR-7 form replaces prior format for exempt entities, effective April 1, 2024, standardising detailed disclosures.
Notification No. 24/2024 substitutes a new Form ITR-7 in Appendix-II of the Income-tax Rules, 1962, effective 1 April 2024, under powers of section 139 read with section 295. The revised ITR-7 is the mandated return format for persons required to file under sections 139(4A), 139(4B), 139(4C) or 139(4D) and contains detailed Parts and Schedules for registration, corpus and investment reporting, application of funds, disclosures on governance and beneficial owners, specialized schedules for political parties, electoral trusts, voluntary contributions and foreign assets, and computation modules for exempt and taxable incomes.

Scientific Research approval granted to a university for tax recognition, effective retrospectively and applicable to specified assessment years.
Notification approves Panjab University, Chandigarh (PAN: AAAJP0325R) as a University, college or other institution for Scientific Research under clause (ii) of sub section (1) of section 35 of the Income tax Act read with Rules 5C and 5E, effective retrospectively from the prior year and applicable to the specified subsequent assessment years; certification states no person is adversely affected by retrospective effect.

Income-tax form amendments add deduction amount field, update rule title and capital gains section references accordingly.
Corrigendum substitutes the rule title as the Income-tax (Second Amendment) Rules, 2024 and mandates insertion of an "Amount (Rs.)" column in Schedule 80DD of ITR-2 and ITR-3 and in Schedule 80U of ITR-3, replacing those schedules with revised layouts that include nature of disability, type of dependent, PAN and Aadhaar of the dependent, Form 10IA filing details, acknowledgement number, UDID number and the new Amount column; it also amends Schedule CG in ITR-5 to revise listed capital-gains reference entries.

Exchange of information: bilateral tax information sharing enabled to assist administration and enforcement of domestic tax laws.
The Agreement requires competent authorities to exchange information foreseeably relevant to administration and enforcement of domestic tax laws, including determination, assessment, collection, recovery, enforcement and investigation or prosecution of tax matters. Requests must demonstrate foreseeable relevance and include specified particulars; the requested Party must use all relevant information gathering measures available under its law to obtain information from banks, financial institutions, nominees, trustees, ownership chains, collective investment vehicles, trusts and foundations, subject to territorial and possession limits, while respecting confidentiality and specified refusal grounds.

Control of income-tax authorities: subordinate Commissioner of Income-tax (Appeals) units placed under Principal Chief Commissioners, preserving appellate discretion.
Amendment modifies an earlier notification under section 118 by substituting "First Schedule," omitting specified serial entries from that First Schedule, inserting a "Second Schedule" pairing Commissioner of Income-tax (Appeals) Units with Principal Chief Commissioners, and providing that those Appeals Units shall be subordinate to the named Principal Chief Commissioners while expressly preserving the discretion of Commissioners of Income-tax (Appeals) in exercising their appellate functions.

Income-tax rules amended: new electronic and paper filing modes and substituted ITR forms, effective 1 April 2024.
The Central Board of Direct Taxes amends rule 12(3) to prescribe specific modes for furnishing returns: audited persons must file electronically by digital signature or by electronic transmission with electronic verification; senior individuals using specified simple forms may file electronically by digital signature or EVC, by electronic transmission followed by Form ITR V, or by paper; other individuals/HUFs must file electronically by digital signature, EVC, or electronic transmission followed by Form ITR V. The amendment also substitutes ITR 2, ITR 3 and ITR 5 forms and takes effect 1 April 2024.

Research institution approval under section 35 enables deduction eligibility for specified assessment years, retrospectively effective.
Approval is granted to M/s Prayoga, Bengaluru as an Other Institution in the category of University, College or Other Institution for Scientific Research under clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 read with Income-tax Rules, thereby identifying the entity for tax deduction purposes related to scientific research. The notification is effective from publication, applied retrospectively to the previous year 2023-24, and is applicable for assessment years 2024-2025 through 2028-2029; the explanatory memorandum records no adverse effect from retrospective application.