Public Provident Fund interest rate updated for subscriptions and balances under statutory authority, effective immediately.
Subscriptions to the Public Provident Fund and balances at the credit of subscribers on or after 1 April 2012 shall bear interest at 8.8 per cent per annum, as notified under Section 5 of the Public Provident Fund Act, 1968.

Post Office Time Deposit amendment replaces interest table and adds new rates effective from the specified implementation date.
The Post Office Time Deposit (Amendment) Rules, 2012 amend Rule 7 of the Post Office Time Deposit Rules, 1981 by narrowing the applicability bracket of Table-R to deposits made on or after the earlier specified date but before the first day of April, 2012, and by inserting Table-S to apply to deposits made on or after the first day of April, 2012 setting out the rates of interest per annum for specified deposit periods; the Notes are amended to refer to "Table R or Table S."

Interest rate fixation for Post Office Monthly Income Account revised, applying to deposits made from the start of April.
The Post Office (Monthly Income Account) Amendment Rules, 2012 insert a new clause fixing the interest rate at 8.5 per cent per annum for deposits made on or after the first day of April, 2012. The amendment is notified as effective from that commencement date and is made under the statutory powers conferred on the Central Government, limited to altering the rule governing the scheme's interest provision.

Interest rate for Senior Citizens Savings Scheme updated, applying a fixed annual rate to qualifying new deposits.
Amendment inserts a proviso into Rule 7(1) of the Senior Citizens Savings Scheme Rules, 2004 providing that deposits made under the Scheme on or after 1 April 2012 shall bear interest at the rate of 9.3 per cent per annum from the date of deposit.

Post Office Recurring Deposit Amendment updates payable amounts and adds new tables for accounts opened on or after April 1, 2012.
The Post Office Recurring Deposit Rules, 1981 are amended to substitute updated schedule figures in Rule 9, to expand table cross-references in Rules 10, 11 and 12, and to insert Tables 47-49 which specify amounts payable where accounts opened on or after 1 April 2012 are continued beyond maturity with or without further deposits and amounts payable to legal heirs or nominees; the amendments are deemed to have come into force on 1 April 2012.

Interest accrual rules updated for national savings certificates, changing annual reinvestment treatment and encashment payout schedule.
Amendment treats annual interest for the first four years on certificates purchased on or after the effective date as deemed reinvested and prescribes specific annual interest accruals for a standard denomination with proportionate amounts for other denominations. It also adds an encashment schedule specifying amounts payable inclusive of accrued interest, after discount adjustment, for successive holding period bands for certificates encashed after the minimum holding period, applied proportionately to other denominations.

Amendment to National Savings Certificates updates five-year maturity, annual interest accrual, and staged encashment terms.
The rules amend Certificates to provide a five-year maturity for certificates purchased on or after the effective date, prescribe annual interest accruals for five years with accruals at the end of each year through the fourth year deemed reinvested and aggregated with face value, and add an encashment schedule for certificates encashed after three years with proportionate amounts for other denominations.

Post Office Monthly Income Accounts: 8.5% annual interest for deposits made on or after 1 April 2012.
Amends the Post Office (Monthly Income Account) Rules, 1987 by adding clause (j) to rule 8(1) prescribing 8.5 per cent per annum interest for deposits made on or after 1 April 2012, effected under statutory powers and accompanied by a memorandum certifying no depositor is prejudicially affected by the retrospective operation.

Depreciation on windmills limited by installation cut off, distinguishing tax treatment for pre and post cutoff installations.
The Income tax (4th Amendment) Rules, 2012, effective 1 April 2012, insert the words "installed on or before 31st day of March, 2012" into clauses (l) and (m) of item (8), sub item (xiii) under "III. Machinery and Plant" in New Appendix I Part A (Tangible Assets), thereby restricting the pre amendment depreciation treatment to wind energy plant and machinery installed on or before that date.

Filing requirements expanded: residents with foreign assets or signing authority must use prescribed ITR forms and electronic filing.
Amendment to rule 12 inserts provisos excluding from certain clauses a resident individual or HUF who has assets located outside India or signing authority in an overseas account, updates year references, and adds clauses requiring individuals or HUFs above a specified income threshold, and resident individuals or HUFs with foreign assets or signing authority who must use ITR-2/ITR-3/ITR-4, to furnish returns in the prescribed electronic manner; Appendix II ITR forms are substituted accordingly.

Industrial park deduction eligibility granted subject to court directive, conditional ministry approval and compliance with project terms.
M/s. Creative Infocity Limited's undertaking at Indroda Circle, Gandhinagar is notified as an industrial park for purposes of 80-IA tax benefits following a Gujarat High Court direction, subject to the final outcome of any appellate proceedings and to any revocation by the Ministry of Commerce. The annexure prescribes park identity, location, area, activities, unit numbers, investment and commencement; requires separate statutory approvals; conditions tax benefits on placement of required units and continued operation; and provides that misinformation, unauthorized amendments, failure to disclose material facts, or non-compliance may invalidate or lead to withdrawal of approval.

Tax deduction eligibility: Unnati vocational centre granted extended eligibility and increased approved project cost.
The Government notifies that the project "Unnati, a vocational guidance centre for the underprivileged" run by Sree Guruvayurappan Bhajan Samaj Trust is extended as an eligible project for a further three year period beginning 2012-13, following the National Committee's recommendation. The notification also amends the earlier entry in the statutory table to substitute the previously stated project cost and corpus fund figures with higher approved totals, thereby increasing the maximum cost allowed for deduction purposes.

Section 35AC eligibility extended for Rescue Foundation's anti-trafficking scheme following committee recommendation, authorising continued tax-benefit treatment.
Notification extends Section 35AC eligibility to the Rescue Foundation project "Rescue, Rehabilitation & Repatriation of trafficked girls/women" for a further three-year period commencing with the financial year 2011-12, maintaining its status as an eligible project for tax-incentive purposes and leaving the previously approved project cost unchanged.

Eligible project designation extended for community health centre, preserving approved project cost and tax incentive eligibility.
The Central Government re-notifies "Running of Omayal Achi Community Health Centre at Arakambakkam" by Mr. Omayal Achi Mr. Arunachalam Trust as an eligible project under section 35AC for a further three-year period commencing with financial year 2012-13, following a recommendation by the National Committee under rule 11M(5). The notification affirms prior approvals and cost adjustments and states the project is extended without change to the then-approved estimated cost and corpus fund, preserving its entitlement to expenditure-based tax incentives under section 35AC.

Section 35AC project eligibility extended for a charitable hospital, continuing notified scheme status for a further three-year period.
The Central Government, under Section 35AC read with Explanation (b), notifies extension of eligible project status for "Shree Ramakrishna Sewa Kendra (charitable hospital)" carried out by Shree Ramakrishna Shanti Ashram, Jharkhand, for a further three years commencing with the financial year 2011-12, following the National Committee's recommendation under rule 11M(5) and without any change in the approved project cost.

Income tax exemption eligibility extended for Anandashram palliative care project for a further three-year period by notification.
The Central Government notifies extension of Income-tax Act eligibility for the Anandashram palliative hospice project carried out by Anandashram Seva Trust, Karnataka, for a further three-year period commencing 2011-12 following the National Committee's recommendation; the approved project cost remains unchanged at Rs. 4.00 crore.

Deduction under Section 35AC extended for Thermax school project and the allowable project cost ceiling increased.
Notification designates and extends eligibility under Section 35AC for Thermax Social Initiative Foundation's school project for a further three-year period beginning 2011-12, and amends the earlier notification to increase the maximum project cost ceiling allowable for deduction, substituting the prior cost figure with the revised higher amount.

Tax deduction eligibility extended for Rehabilitation and Education of the Blind project following statutory notification and committee recommendation.
The Central Government has notified continuation of the "Rehabilitation and Education of the blind in Gujarat State" scheme as an eligible project under Section 35AC for a further three-year period beginning with financial year 2011-12, on the recommendation of the National Committee under rule 11M, preserving the then-approved cost and noting prior cost enhancements and earlier extensions.

Eligible project status under section 35AC extended for Rawal Mallinathji Foundation's rural hospice programme for three years.
The Central Government, under the Income-tax Act, has notified extension of eligible project status for the "Day care hospital and mobile hospice rural outreach programme" carried out by Rawal Mallinathji Foundation for a further three years commencing 2011-12, pursuant to a recommendation by the National Committee for Promotion of Social and Economic Welfare, and expressly retained the previously approved project cost unchanged.

Eligible project under Section 35AC extended for Udavum Karangal's rehabilitation scheme for orphans and destitute.
The Central Government, under sub-section (1) read with clause (b) of the Explanation to Section 35AC, notifies the "Rehabilitation of orphans and destitute" project by Udavum Karangal as an eligible project or scheme for a further three-year period commencing 2012-13, without change to the approved cost of Rs. 1197 lakh including an Educational corpus fund of Rs. 100 lakh.