Scientific research expenditure approval: Baun Foundation Trust recognized under the tax provision, subject to compliance and audit conditions.
Baun Foundation Trust is approved as an eligible organization for scientific research expenditure purposes, subject to conditions: funds must be used for research conducted by faculty or enrolled students; separate books and a certified statement of donations and applications for research must be maintained; books must be audited by a qualified accountant and the audit report furnished to the tax authorities by the income tax return due date. Approval may be withdrawn for failure to maintain accounts, furnish audit reports or donation statements, cessation of genuine research activity, or noncompliance with statutory conditions.

Scientific research approval permits donations for social science research subject to separate accounts and audited reporting.
Jain Vishva Bharati, Ladnun, Nagaur is approved as an organisation in the category of other Institution for purposes of scientific research expenditure from assessment year 2007-2008, provided sums paid are used for research in social sciences carried out by faculty or enrolled students; the organisation maintains separate books for research receipts and expenditures, obtains an audit by a qualified accountant and furnishes the audit report by the return due date, and provides an auditor certified statement of donations and amounts applied for research.

Income tax rules amended to update assessment year figures and substitute ITR 1 and ITR V with revised return forms.
The notification, effective 1 April 2010, amends the Income tax Rules, 1962 by substituting figures in rule 12 ("2009" "2010" in sub rule (1); "2008" "2009" in sub rule (5)) and by replacing Forms ITR 1 and ITR V in Appendix II with revised formats (including SARAL II (ITR 1) and an updated ITR V verification/acknowledgement) for assessment year 2010 11.

Scientific research approval under section 35(1)(ii) requires separate audited accounts and certified donation statements for compliance.
Approval is granted to Institute of Bioinformatics, Bangalore as an organization under section 35(1)(ii) from assessment year 2009-2010, subject to conditions that payments be used for research in social sciences, research be carried out through faculty or enrolled students, and that the institute maintain separate books of account and a separate certified statement of donations and research application. These books must be audited by a defined accountant and the audit report and certified statement furnished to the Commissioner or Director of Income-tax by the return due date; failure to comply may lead to withdrawal of approval.

Scientific research approval under section 35 enables donations to Punjab State Council for Science and Technology to qualify for tax deduction.
Approval is granted to the Punjab State Council for Science and Technology as an approved organization under section 35(1)(ii) in the category of 'other Institution' partly engaged in research. The organization must use received sums for social science or statistical research, maintain separate books and a donation statement, obtain and file an auditor's report by the income tax return due date, and comply with applicable Income tax Rules; approval may be withdrawn for failure to maintain accounts, furnish audit or donation statements, cease genuine research, or otherwise fail compliance.

Scientific research approval: institute recognised for tax-deduction eligibility subject to recordkeeping, audit and reporting compliance.
M.P. Birla Institute of Fundamental Research, Kolkata is approved as an approved organisation for tax treatment of scientific research expenditure from assessment year 2009-2010 as an other institution partly engaged in research, subject to utilisation of sums for social sciences/statistical research, research carried out by faculty or enrolled students, maintenance and audit of separate books of accounts, and furnishing the audit report and a certified statement of donations and amounts applied for research to the tax authorities by the due date.

Specified territory designation enables statutory tax-treaty and territory-specific income-tax treatment following executive notification.
The notification uses the power in Explanation 2 to designate the Hong Kong Special Administrative Region as a specified territory, thereby classifying that jurisdiction for purposes of the Income-tax Act and enabling application of the Act's treaty-related and territory-specific tax provisions.

Zero coupon bond designation for REC deep discount bonds triggers specified tax classification under the Income Tax Act.
The Central Government, under clause (48) of section 2 of the Income tax Act and relevant sub rules of rule 8B, specifies the ten year Deep Discount Bond of Rural Electrification Corporation Limited as a zero coupon bond, recording its ten year tenor, issuance deadline, per bond maturity amount, aggregate discount for the issue, and total number of bonds to be issued.

Fair market value rules for non immovable property clarified, prescribing asset specific valuation methods and eligible valuers.
Determination of fair market value for property other than immovable property is prescribed for purposes of section 56, defining key terms and setting asset specific methods: jewellery and artistic works are valued at open market price (invoice value if from a registered dealer; registered valuer's report may be obtained where applicable); quoted securities are valued by exchange transaction value or lowest quoted prices when off exchange; unquoted equity shares are valued by a prescribed balance sheet based formula; other unlisted securities are valued by open market estimate with merchant banker or accountant report permissible.

Double taxation relief: specified overseas territories notified for treaty application, bringing them within the tax treaty framework.
The Central Government, under Explanation 2 to section 90 of the Income-tax Act, 1961, notifies Bermuda, British Virgin Islands, Cayman Islands, Gibraltar, Guernsey, Isle of Man, Jersey, Netherlands Antilles and Macau as the specified territory for purposes of double taxation relief, and states that the notification is effective immediately.

Subordination of income-tax authorities: DGIT designated supervisory authority for Dispute Resolution Panel functions under section 144C.
A notification under section 118 designates the Director General (International Taxation) as the supervisory income-tax authority with administrative control over specified Commissioners or Directors who are members of named Dispute Resolution Panels for the purposes of performing functions under section 144C; the direction takes effect on publication in the Official Gazette and the notification is noted as superseded by a later notification.

Jurisdiction of income-tax authorities revised to reallocate territorial areas and taxpayer categories among local commissioners.
Amendment substitutes entries for serial numbers 80, 82 and 83 to prescribe territorial areas and allocate categories of persons and cases to specified Commissioners of Income Tax in Kerala, covering companies with registered offices, directors with substantial interest, trusts, co-operative societies, associations claiming exemptions or registration, and persons deriving income or having principal places of business within the territorial areas; all listed cases are assigned to the corresponding commissioner entries. The amendment is effective from 1 April 2010.

Approval under section 35(1)(ii) requires approved organizations to use donations for social science research and maintain audited records.
Approval under the Income-tax Act has been granted to B.M. Birla Science & Technology Centre, Jaipur as an approved organization for research in social sciences, subject to utilization of sums for such research and conduct of research through faculty or enrolled students. The organization must maintain separate books of account for research receipts, obtain an audit by a qualified accountant and furnish the audit report and a certified statement of donations and sums applied for research to the tax authorities by the return due date. The Central Government may withdraw approval for failures in accounting, reporting, genuineness of research, or non compliance with statutory rules.

TDS compliance deadlines updated to specific quarterly filing dates and corrected form reference in withholding rules.
Corrigendum to the TDS rules corrects a form reference by replacing the cited form with Form No. 27A, prescribes specific quarterly submission dates in Rule 37A in lieu of the earlier generic fourteen-day-from-quarter-end phrasing, and omits the proviso to Rule 37A, while leaving other provisions of the original Gazette notification intact.

Approval under section 35: donations for social science research allowed, subject to strict accounting, audit, and reporting conditions.
Approval under section 35 recognizes the University of Pennsylvania Institute for the Advance Study of India as an "other Institution" partly engaged in research, subject to conditions that sums be used for social science research, research be carried out by faculty or students, separate books and a donation statement be maintained, and both be audited with the auditor's report and certified statement furnished to the income-tax authority by the return filing due date.

Exemption interest on public sector bonds: corrigendum lowers the previously stated lower interest rate, restating the allowable range.
A corrigendum to a government notification concerning the exemption of interest on notified public sector bonds and debentures replaces the earlier stated lower bound of the interest-rate range with a reduced lower bound while retaining the existing upper bound, thereby restating the allowable interest-rate range applicable to the exemption.

Section 35AC extension permits continued tax-eligible status for a trust's school and medical centre project for three further fiscal years.
Central Government notification under the Explanation to the Income-tax Act extends recognition of Bellur Krishnamachar & Seshamma Smaraka Nidhi Trust's project-setting up and running a school and Medical Centre-cum-Hospital for SC/ST and economically weaker rural sections-as an eligible project for a further three financial years beginning 2010-11, without change to the previously approved project cost and corpus fund, following a recommendation by the National Committee for Promotion of Social and Economic Welfare under the Income-tax Rules.

Section 35AC eligible project designation renewed for furnishing and running of Society for the Education of the Crippled.
The Central Government specified under Section 35AC the furnishing and running by the Society for Education of the Crippled (Child and Adult) of the Centre for Independent Living and Antop Hill School at Agripada Municipal School Building, Bombay, as eligible projects for a further three financial years commencing 2009 10, without any change to the approved project cost of Rs. 175.00 lakhs, following recommendation by the National Committee for Promotion of Social and Economic Welfare.

Section 35AC eligibility extended for SNS Foundation welfare programmes, renewing a specified three-year period commencing financial year 2010-11.
The Central Government, exercising powers under sub-section (1) read with the Explanation to Section 35AC of the Income-tax Act, specifies SNS Foundation's welfare programmes in health, education and environment as an eligible project and renews that specified status for a further three-year period commencing with the financial year 2010-11, without change in the approved project cost of Rs. 16.5 crore, following a recommendation by the National Committee that the project is being executed properly.

Section 35AC eligible project designation extended for Sant Ranchhoddasji Bapu Eye Hospital under income-tax rules.
The construction, equipping and operation of Sant Ranchhoddasji Bapu Eye Hospital at Vansda by Dhanvantri Trust is specified as an eligible project under Section 35AC for income-tax incentive purposes, renewed for a further three-year period beginning with financial year 2009-10 on the recommendation of the National Committee, without change to the approved project cost and without any corpus fund.