Zero coupon bond designation: Ten Year Zero Coupon Bond of Power Finance Corporation Ltd specified under income tax law.
Specification designates the Ten Year Zero Coupon Bond of Power Finance Corporation Ltd as a zero coupon bond under clause (48) of section 2 of the Income tax Act, identifying name, tenor (ten years one month), issuance deadline, maturity payment, per bond discount and total number of bonds to be issued.

Income exemption under section 10(46) protects welfare board cess, registration fees and bank interest from tax.
Exemption under clause (46) of section 10 grants tax exemption to the Board for cess, registration and renewal fees from building and construction workers, and interest on bank deposits, subject to conditions prohibiting commercial activity, requiring continuity of activities and specified receipts, and mandating filing of income-tax returns under the applicable statutory return-filing requirement.

Statement of income distribution: electronic filing and reporting requirements for trusts and funds to authorities and recipients.
Persons responsible for paying or crediting income on behalf of business trusts, securitisation trusts and investment funds must electronically furnish prescribed e Forms to the tax commissioner of the jurisdiction where the entity's principal office is situated and provide downloadable, verified statements to unit holders or investors. Forms 64A-64F set out detailed itemisation by heads of income, recipient identification, required attachments and accountant verification; the tax systems administration must specify filing procedures, portal standards, and security, archival and retrieval policies.

Tax exemption under section 10(46A): Real Estate Regulatory Authority Punjab notified as exempt, subject to qualifying purposes.
Notification designates the Real Estate Regulatory Authority, Punjab as an assessee eligible for exemption from specified income under clause (46A) of section 10 of the Income-tax Act, effective from assessment year 2024-25, conditional on the Authority remaining constituted under the Real Estate (Regulation and Development) Act, 2016 and retaining one or more qualifying purposes specified in the statute.

Scientific Research approval enables Bhaikaka University to qualify for tax benefits under section 35 of the Income-tax Act.
Approval designates Bhaikaka University, Anand, Gujarat, as recognised for Scientific Research in the category of "University, college or other institution" for the purposes of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961, issued under rules 5C and 5E of the Income-tax Rules, 1962, with retrospective effect from the date of Gazette publication, thereby making the institution eligible for the tax treatment tied to such recognition.

Annual statement filing requirement mandates detailed Form 49C reporting by non-resident liaison offices under amended rules.
Amendment mandates submission of an Annual Statement by non-resident persons having liaison offices in India using a revised Form No. 49C under rule 114DA, to be filed within eight months from the end of the financial year. The form requires detailed identification and contact particulars for the non-resident and its offices, PAN and foreign tax identification, RBI Annual Activity Certificate date and certifying chartered accountant details, officer-in-charge entries, compensation paid outside India to employees, liaison office-wise registration, activity and employee data, India-specific receipts/expenses, transaction details with Indian parties, group entity information, and an authorised verification declaration.

Infrastructure Debt Fund rules: tightened eligibility, investment limits, bond issuance conditions and minimum tenor for external borrowings.
Rule 2F is amended to require an Infrastructure Debt Fund to be set up as an NBFC under RBI rules, invest only in post commencement infrastructure projects with at least one year of satisfactory commercial operation or toll operate transfer projects as direct lender, and to mobilise funds via rupee or foreign currency bonds (subject to RBI and foreign exchange regulations), zero coupon bonds under rule 8B, or external commercial borrowings. ECBs must meet prescribed tenor and sourcing restrictions. The Fund is prohibited from investing in projects where a specified shareholder or associated enterprise has a substantial interest; "specified shareholder" is defined by a threshold of voting power.

Designation of authorized officer permits sharing of taxpayer information to identify beneficiaries under PMGKAY for food distribution.
The Central Government designates the Joint Secretary in the Department of Food and Public Distribution as the authorized officer under sub-clause (ii) of clause (a) of sub-section (1) of section 138 of the Income-tax Act, 1961, to receive and use income-tax payer information for identifying eligible beneficiaries under the Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY).

Scientific Research approval for a hospital unit secures income-tax deduction eligibility for specified assessment years.
Central Government approves Shri Chaitanya Health and Care Trust for its unit Bhaktivedanta Hospital & Research Institute, Thane, Maharashtra, as eligible for Scientific Research recognition under the category University, college or other institution for purposes of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 read with Rules 5C and 5E of the Income-tax Rules, 1962, with effect from publication and applicable to assessment years 2025-26 to 2029-30.

IFSC tax eligibility clarified: VC, retail fund and IFSC finance company conditions and operational limits specified for tax treatment.
Rules amend the Income-tax Rules to (1) treat Venture Capital Funds under clause (23FB) of section 10 as Category I Alternative Investment Funds regulated under IFSC Fund Management Regulations, (2) prescribe permitted activities and a foreign currency interest requirement for Finance Companies in IFSCs under section 94B, and (3) impose investor diversification, asset concentration and listing/compliance conditions for retail schemes and Exchange Traded Funds qualifying under clause (4D) of section 10, with updated definitions cross referencing IFSC Fund Management Regulations.

Cruise ship operator tax rules under section 44BBC require non-residents to satisfy specified vessel, voyage and operation conditions.
Amendment adds special provisions under section 44BBC for non-resident cruise ship operators: to qualify they must operate passenger ships meeting prescribed size or capacity and passenger facilities; run scheduled voyages or shore excursions touching at least two Indian seaports or the same Indian seaport twice; carry passengers primarily rather than cargo; and operate in accordance with procedures or guidelines issued by the Ministry of Tourism or Ministry of Shipping.

Appeal pending status under Direct Tax Vivad Se Vishwas Scheme treated as existing for scheme eligibility and tax calculation.
Order under section 98(1) treats appeals filed after the specified reference date but within the normal appellate period and without condonation applications as pending on that date, recognises such persons as appellants for the Direct Tax Vivad Se Vishwas Scheme, 2024, mandates calculation of disputed tax on the basis of the appeal, and directs that all Scheme provisions and rules apply accordingly.

Research Association approval: recognises CPRI Bengaluru under section 35 for scientific research, effective retrospectively for relevant assessment years.
Central Government approves Central Power Research Institute (CPRI), Bengaluru, as a Research Association for Scientific Research under clause (ii) of sub section (1) of section 35 of the Income tax Act, 1961, identifying the entity by PAN; the approval is issued under the Income tax Rules and given retrospective effect from publication in the Official Gazette, applying to a defined sequence of assessment years.

Tax Collection at Source exemption for IFSC Units requires a verified Form 1A declaration and seller reporting obligations.
A Unit of an International Financial Services Centre shall not be treated as a buyer for Tax Collection at Source purposes provided the Unit furnishes a verified statement cum declaration in Form No. 1A declaring the ten consecutive previous years for which it opts for the IFSC deduction; the seller must stop collecting tax after receiving the Form and must report payments on which tax was not collected in the statutory collection statement. The exemption applies only for the declared consecutive years; definitions and data security and transmission procedures are to be prescribed by the Income tax (Systems) authorities.

Income exemption under section 10(46): specified horticulture grants, activity revenue and interest exempt subject to compliance.
The Central Government notifies that the Karnataka State Horticulture Development Agency's specified income-grants in aid from Central and State Governments, revenue from horticulture activities per its Memorandum of Association, and interest on bank deposits-is exempt under clause (46) of section 10 of the Income tax Act, subject to conditions prohibiting commercial activity, requiring unchanged activities and income character across financial years, and mandated return filing under clause (g) of sub section (4C) of section 139; the notification applies retrospectively for specified assessment years.

Exemption under section 10(46): specified municipal, rental and interest income exempt for Rabindra Setu subject to conditions.
Notification grants income tax exemption to The Commissioners for the Rabindra Setu, Kolkata for specified receipts-municipal and railway tax proceeds, miscellaneous income such as rental, maintenance, fibre laying and way leave receipts and recoverable damage costs, and interest on bank deposits-subject to conditions: no commercial activity, unchanged activities and income nature, and filing returns as required by clause (g) of sub section (4C) of section 139; applied retrospectively to assessment years 2019 2020 to 2023 2024.

No tax deduction under section 194Q for purchases from IFSC Units where seller files verified declaration; buyer must report.
No tax is to be deducted by a buyer under the purchase-linked withholding provision on payments to an IFSC Unit seller if the seller furnishes and verifies the prescribed Form No. 1 declaring the ten consecutive assessment years for which it opts for deduction under the relevant incentive provision. After receipt of the verified declaration the buyer shall not deduct tax for those years and must report all such payments in the statutory TDS statement; the relief is limited to the declared years. Systems procedures and security standards will be prescribed, effective 1 January 2025.

No tax deduction on payments to a Central Government financed credit guarantee fund after official notification.
The Central Government, exercising powers under the Income tax Act, notifies that no deduction of income tax under the Chapter governing tax deduction at source shall be made on payments received by a credit guarantee fund that is established and wholly financed by the Central Government and managed by the National Credit Guarantee Trustee Company Limited; the notification is effective from its publication in the Official Gazette.

No tax deduction on payments to National Credit Guarantee Trustee Company under Chapter XVII, effective upon publication.
No deduction of income-tax shall be made under Chapter XVII on payments received by the National Credit Guarantee Trustee Company Limited, a company established and wholly financed by the Central Government for operating credit guarantee funds established and wholly financed by the Central Government; the notification is effective from its publication in the Official Gazette.