Section 35AC eligible project designation extended for Tribal Schools and Welfare Initiatives for three further years.
Notification under section 35AC designates "Tribal Schools and Welfare Initiatives" by Vyakti Vikas Kendra India as an eligible project and extends that designation for a further three financial years commencing 2013-14 through 2015-16, without change in the approved project cost, following a recommendation by the National Committee for Promotion of Social and Economic Welfare confirming proper execution.

Section 35AC: Extension of eligible status for scholarship programme for disabled and marginalized students into additional financial years.
Notification designates the "Scholarship programme for disabled and marginalized students" run by Jan Madhyam as an eligible project under the Explanation to section 35AC, extending its notified period for a further three financial years commencing 2013-14 without change to the approved cost of Rs. 2.30 crore including a corpus fund of Rs. 2 crore; extension followed the National Committee's recommendation that the project is being executed properly and was specified by the Central Government under the applicable procedural rules.

Section 35AC project extension affirmed for continued eligibility following committee recommendation and compliance confirmation.
Notification under section 35AC designates the scheme "Maintenance and expansion of present activities" by Jamia Islamia Ishaatul Uloom, Akkalkuwa, District Nandurbar, Maharashtra, as an eligible project and extends the originally notified project for an additional three financial years commencing 2013-14 without any change to the previously approved cost, following a recommendation of the National Committee under rule 11M(5) of the Income-tax Rules, 1962.

Section 35AC notification extends Eye Care Programme eligibility for a further period by Lok Kalyan Samiti under income-tax rules.
Notification under Section 35AC designates the "Eye Care Programme in the NCR of Delhi" as an eligible project for income-tax deduction purposes and extends its notified eligibility for a further three-year period commencing with the financial year 2013-14, without any change to the previously approved project cost, following recommendation by the National Committee under rule 11M of the Income-tax Rules.

Section 35AC notification extends eligibility of Care of Orphans & Health Schemes for Rural Poor for three years.
Notification under section 35AC specifies that "Care of Orphans & Health Schemes for Rural Poor" by Markazu Ssaquafathi Ssunniyya is an eligible project for a further three-year period commencing 2013-14, without any change in the approved cost of Rs.44.05 crore, following recommendation by the National Committee under rule 11M(5) of the Income-tax Rules, 1962.

Section 35AC project eligibility extended for AIDS, T.B., Malaria Prevention Programme; notified for three additional financial years.
The Central Government notifies the "AIDS, T.B., Malaria Prevention Programme" run by Ahilya Bahuudesiya Shikshan Prasarak Mandal, Latur, as an eligible project under section 35AC for a further three-year period starting 2013-14 through 2015-16, at the same approved project cost, following a recommendation by the National Committee for Promotion of Social and Economic Welfare.

Section 35AC notification extends eligibility of 'Computer Training to Common Public' project for an additional term.
Notification under section 35AC designates "Computer Training to Common Public" by Indian Rural Development Association as an eligible project and extends its notified status for a further three-year period commencing with the financial year 2013-14, without any change to the previously approved project cost.

Extension of Section 35AC project eligibility: RUGNASEVA medical scheme renewed following National Committee recommendation for further period.
The Central Government has notified continuation of "RUGNASEVA - Free Medical Treatment for Rural People," carried out by Shri Rajiv Gandhi Shaikshanik Bahuddeshiya Vikas Charitable Trust, as an eligible project under Section 35AC for a further three year period on the recommendation of the National Committee, with no change to the previously approved project cost.

Notification under Section 35AC: extension of eligibility for income-tax benefits to a notified rehabilitation project carried by a charitable trust.
Central Government notification under the Explanation to section 35AC re-notifies the Amar Jyoti Charitable Trust project-comprising construction, purchase of educational and rehabilitation equipment, furnishing and running activities for rehabilitation of persons with disability-as an eligible project for tax-benefit purposes at the existing approved cost, for a further period of three years commencing with financial year 2013-14, following a recommendation by the National Committee under rule 11M(5).

Cross-border capital raising: unlisted firms may issue abroad without immediate Indian listing subject to disclosure, FDI and use-of-proceeds rules.
Unlisted companies may raise capital abroad through foreign currency convertible bonds or depositary receipts without mandatory Indian listing for an initial limited period, provided they list on compliant foreign exchanges, submit to SEBI the returns filed with the foreign exchange/regulator, satisfy SEBI disclosure requirements, comply with FDI policy, and use proceeds for retiring overseas debt or foreign operations; unutilised funds must be repatriated within a short timeframe and parked in authorised dealer banks recognised by the central bank.

Deduction under Section 35AC: specified institutions' approved projects allowed tax-deduction ceilings for three specified financial years.
The notification designates specified non-profit institutions and approves particular projects, stating estimated project costs and fixing the maximum amount of such cost eligible for deduction under Section 35AC. Fifteen named institutions and their discrete projects are listed, some including corpus funds, with each project's deductible ceiling specified. The approval is time limited to three financial years commencing with 2013 14, and the amounts in the Table constitute the maximum deduction allowable under the statutory provision for that period.

Reverse mortgage amendment expands annuity sourcing and allows lenders to disburse via periodic, lump-sum, or annuity channels.
Amendment adds annuity sourcing institution to include LIC or other IRDAI-registered insurers, revises disbursement rules to allow periodic payments, or lump-sum tranches not exceeding fifty per cent of the sanctioned loan, or payment in part or full to the annuity sourcing institution for annuity payments, and limits loan tenure to twenty years where payments go to the mortgagor or to the borrower's residual lifetime where payments are made to the annuity sourcing institution.

Capital investment subsidy eligibility in Jammu & Kashmir clarified, with scope, exclusions, approval and disbursement procedures.
The Central Capital Investment Subsidy Scheme, 2012 provides capital investment subsidy to new industrial units and existing units undertaking substantial expansion in Jammu & Kashmir, based on eligible investment in plant and machinery, subject to specified rates and ceilings, exclusions for second hand and cash paid procurements, a negative list of ineligible activities, pre registration and filing timelines, valuation certification by banks or JKDFC, approval by State Level and Empowered Committees, disbursement by JKDFC, and recovery and reporting obligations including five year post commencement monitoring.

Insurance subsidy for eligible industrial units under J&K package provides comprehensive premium cover and prescribed claim procedures.
Scheme provides a government-paid comprehensive insurance premium subsidy for eligible new and substantially expanded industrial units under the Jammu & Kashmir package, available to units that pre-register and commence production within the scheme period and file claims at the District Industry Centre; subsidy covers the full premium for a limited post-commencement period, sum insured is on market valuation, and substantial expansion is defined by a specified increase in fixed capital investment.

Interest subsidy on working capital: central scheme provides limited rate support to eligible new industrial units in J&K.
Notification creates the Central Interest Subsidy Scheme, 2012 for new industrial units in Jammu & Kashmir, providing an interest subsidy on average actual daily working capital borrowings for up to five years from commencement of commercial production, subject to pre registration, claim filing within one year, non NPA status, single scheme restriction, and exclusion by a prescribed negative list. JKDFC is the disbursing agency acting on the recommendation of a State Level Committee which verifies eligibility, quantum and oversight; annual verification and reporting requirements and refund powers for misrepresentation or cessation of operation within five years apply.

Tax exemption for grants-in-aid: Meghalaya AIDS Control Society notified subject to non-commerciality, income stability and specified return filing.
Notification under section 10(46) designates the Meghalaya State AIDS Control Society's specified exempt income as amounts received in the form of Grants-in-Aids from the Government of India, effective for financial years 2011-12 through 2015-16, subject to conditions prohibiting commercial activity, requiring unchanged activities and income nature during the year, and mandating return filing under clause (g) of sub-section (4C) of section 139; grants must be received and applied as per prevailing rules and regulations.

Tax exemption under section 10(46) for Chandigarh State AIDS Control Society: grants and interest exempt subject to conditions.
Notification under section 10(46) notifies Chandigarh State AIDS Control Society as a notified body so that only (a) grants in aid from the Central Government and (b) interest on those grants are treated as specified exempt income, effective for 2011 12 and 2012 13 and applicable for 2013 14 to 2015 16. The exemption is subject to three conditions: no commercial activity; unchanged activities and income character during the year; and filing return of income as prescribed. Grants must be received and applied per prevailing rules and regulations.

Advance ruling application form introduced: Form 34EA prescribes content, filing, fee and verification requirements for applicants.
The rules insert Form No. 34EA as the prescribed application for obtaining an advance ruling, effective 1 April 2015, and prescribe the required content and documentary framework: applicant identity and residence basis, arrangement description, parties' roles and tax benefits, expected tax benefit and assessment years, specific questions for ruling, statements of facts and legal interpretation in annexures, filing in quadruplicate, prescribed fee by demand draft, and verification and signature rules including authorised representatives and powers of attorney.

General anti-avoidance rule: exclusions for specified investor arrangements and pre-reference notice plus structured referral procedure.
The rules add Chapter X-A governing the General Anti-Avoidance Rule, exclude certain arrangements from its application (including small aggregate tax benefits, specified Foreign Institutional Investor investments, non-resident investments via offshore derivative instruments into FIIs, and certain pre-cutoff transfers) while preserving application to tax benefits obtained from a later operative date; they define key terms, require AO notice to the assessee and a prescribed Form No.3CEG reference to the Commissioner with specified contents, prescribe Commissioner forms (3CEH, 3CEI) and impute time limits for Commissioner actions.

Non-discrimination expanded in the India-Australia tax treaty to ensure equal tax treatment and access to deductions.
The Protocol amends the India-Australia tax treaty by redefining national, expanding the permanent establishment rules to include service and equipment thresholds, restating profit taxation tied to permanent establishments, introducing a non discrimination Article to ensure parity for nationals and enterprises while excepting anti avoidance and incentive measures, enlarging exchange of information obligations with confidentiality safeguards, and creating mutual assistance in the collection of taxes subject to domestic law limitations.