Tariff value fixation updates applied to specified imported commodities, altering customs valuation and import assessment.
Under section 14(2) of the Customs Act, 1962, the Central Board of Excise & Customs substitutes TABLE 1, TABLE 2 and TABLE 3 of Notification No. 36/2001 Customs (N.T.) to fix tariff values as administrative benchmark values for customs assessment: TABLE 1 lists per metric tonne values for edible oils, crude soybean oil, brass scrap and poppy seeds; TABLE 2 prescribes per unit values for gold and silver where specified notification benefits are availed; TABLE 3 fixes a per metric tonne value for areca nuts.

Deduction under Section 35AC: maximum allowable costs revised for listed charitable projects, affecting claims for the financial year.
This corrigendum substitutes the previously published maximum deductible amounts under Section 35AC by replacing the figures in Column (4) with those in Column (5) of the appended table for the named institutions and projects; the revised maxima and their periods of approval apply for the specified financial year. The notification remains in force for that year as to the listed projects, and the Section 35AC deduction is explicitly excluded for funds received under Schedule VII of the Companies Act and the Companies (CSR) Rules, 2014.

Remuneration limits for companies with no or inadequate profits set without Central Government approval, with approval and disclosure conditions.
The substituted Section II permits companies with no or inadequate profits to pay managerial remuneration without Central Government approval up to limits linked to effective capital, pro rated for part years and doublable by special shareholder resolution; professional managerial persons meeting independence, shareholding and qualification criteria qualify for payment without Central Government approval. Payment requires board (and where applicable nomination and remuneration committee) approval, no prior debt default or secured creditor approval if default exists, a shareholder resolution for up to three years, a prescribed explanatory statement to shareholders detailing company, appointee and remedial information, and specified disclosures in the Board's Corporate Governance report.

Formation of GST Council: provisions under the Amendment Act take effect from 12 September 2016 by government notification.
The Central Government, invoking the commencement power under the constitutional amendment, appointed 12 September 2016 as the date on which the provisions concerning formation of the GST Council shall come into force by official notification.

Mediation and conciliation framework established for company disputes, setting panel empanelment, confidentiality, timelines and procedure.
The Companies (Mediation and Conciliation) Rules, 2016 create a Regional Director-maintained Mediation and Conciliation Panel, prescribe empanelment qualifications and disqualifications, and set application procedures (Form MDC-1) and appointment/referral mechanisms (Form MDC-2 with fee). They mandate disclosure of conflicts, a three-month time-limit for proceedings with a possible three-month extension, confidentiality and inadmissibility of mediation communications, an ethics code and liability protection for mediators, allocation of fees and costs, procedural safeguards for sessions, and specific exclusions from referral.

Commencement of Companies Act provisions: specified corporate governance and remedial sections were brought into force on the notified date.
The Central Government notified 9th September, 2016 as the date on which specified provisions of the Companies Act, 2013 shall come into force, listing provisions relating to directors' accounts and records, certain member remedy clauses, investigation and removal procedures, and the sections linked to the operation of the listed provision.

No tax deduction from specified income payments to Tirumala Tirupati Devasthanams, effective from Gazette publication.
The Central Government, invoking sub-section (1F) of section 197A of the Income-tax Act, notifies that no deduction of tax shall be made from payments of the nature specified under the withholding provisions when such payments are made to Tirumala Tirupati Devasthanams, Tirupati. This non-deduction treatment takes effect from the date of publication of the notification in the Official Gazette.

Foreign investment in Other Financial Services allowed full entry automatically when regulated, otherwise via government approval with conditions.
Amendment replaces Paragraph F.8 to define Other Financial Services as activities regulated by a financial sector regulator and permits full foreign investment via the automatic route when regulated, subject to conditions. Activities not regulated or partially regulated require Government approval for foreign investment, with conditions including minimum capitalization. Statutory limits prescribed by specific Acts prevail, and downstream investments by entities in Other Financial Services are subject to sectoral regulations and the Foreign Exchange Management Regulations, 2000.

Loans outside India: authorised dealers' overseas branches may grant loans secured by NRE account funds with remittance for liquidation.
Authorised dealers' overseas branches or correspondents may grant loans to or in favour of non-resident depositors or to third parties at the depositor's request for bona fide purposes, against the security of funds held in NRE accounts in India, and may agree to remittance of funds from India, if necessary, for liquidation of the outstanding.

Exchange of tax information: mutual assistance on request with confidentiality and defined procedural safeguards.
Agreement obliges competent authorities of India and Seychelles to exchange, upon request, tax information foreseeably relevant to administration, assessment, collection, recovery and enforcement of taxes, including bank and beneficial ownership records, with specified procedural content for requests, duties to use available information gathering measures, timelines for acknowledgment and response, confidentiality protections limiting use and disclosure, limited grounds for declining assistance, cost allocation rules, implementation obligations, a mutual agreement procedure, and entry into force and termination provisions.

Customs tariff amendment adjusts exemption table entries and duty rates for specified tariff headings and metallurgical dolomite.
Government amends the customs exemption Table by substituting serial 110A to list specified tariff headings under chapter 25 as "All goods" with a stated basic duty and by adding a separate entry for dolomite for metallurgical use conforming to the referenced Indian Standard with its own duty rate; it also inserts serial 303A listing specific chapter 68 tariff subheadings as "All goods" subject to a stated basic customs duty, thereby modifying Notification No.12/2012-Customs' tariff schedule and exemption classifications.

Excise exemption for specified jewellery inputs and precious stones expands duty relief for goldsmiths' supplies.
The amendment exempts specified goods from central excise duty: (I) non-branded articles of goldsmiths' or silversmiths' wares of precious metal or metal clad with precious metal; (II) gold strips, wires, sheets, plates and foils used in jewellery manufacture; and (III) precious and semi-precious stones, synthetic stones and pearls. The explanation defines "metal" to include certain alloys and sets a minimum gold-content threshold for inclusion, and defines "articles" of gold to include finished items (other than ornaments) and gold coins or broken pieces while excluding primary gold in unfinished or semi-finished forms.

Actual User condition removed; imports of Industrial and Technical Grade Urea now permitted freely under import policy.
The amendment removes the Actual User condition for import of Industrial Urea and Technical Grade Urea (TGU). Urea generally remains subject to the State Trading Enterprise mechanism, but Industrial Urea and TGU imports are now freely permitted without the prior Actual User restriction, thereby liberalising import access under the Foreign Trade Policy framework.

Anti-dumping duty scope narrowed to exclude stainless, zinc-coated and cladded hot-rolled flat steel products from specified entries.
Corrigendum amends the Table entries of the prior anti-dumping customs notification by substituting revised product descriptions that expressly exclude hot-rolled flat products of stainless steel; steel electrolytically plated or coated with zinc; steel otherwise plated or coated with zinc; and cladded steel from the listed entries, thereby narrowing the definitional scope of the hot-rolled flat products covered by those entries.

Anti-dumping duty extension on Para Nitroaniline upheld, continuing import restrictions under Customs Tariff Act for an additional period.
The Government amended the principal notification imposing anti-dumping duty on Para Nitroaniline originating in or exported from the People's Republic of China by inserting a provision that maintains the operation of the original notification for an additional specified period unless revoked earlier, following a continuation review under the Customs Tariff Act and applicable anti-dumping rules.

Rescission of tax notification: earlier notification treated as never issued, nullifying related tax benefits under income tax law.
The Central Government rescinds Notification No. 35/2008 under the Income-tax Act and applicable Income-tax Rules, withdrawing its legal effect. The rescission operates with retrospective effect from the relevant assessment commencement and the earlier notification is deemed not to have been issued for claiming any tax benefits under the Income-tax Act or any other law.

Rescission of tax notification nullifies prior notification's tax benefits and treats it as never issued for tax purposes.
Central Government rescinds the earlier tax notification and, effective retrospectively from 1 April 2004, declares that the said notification shall be deemed never to have been issued for any tax benefits under the Income-tax Act or any other law.

Service tax amendment substitutes exemption clause to cover renting of religious precincts by specified charitable entities.
Substitutes clause (a) of entry 5 in the opening paragraph of Notification No.25/2012-Service Tax to provide that renting of precincts of a religious place meant for general public, owned or managed by an entity registered as a charitable or religious trust under the Income-tax Act, or a trust or institution registered under specified income tax provisions, or a body or authority covered under other specified income tax provisions, shall constitute the described category for service-tax purposes.

Investor Education and Protection Fund Authority established with rules for remittance, share transfer to IEPF suspense account, audit and refund procedures.
Creates the Investor Education and Protection Fund Authority to administer the IEPF, prescribes receipts to be credited to the Fund and their government accounting treatment, mandates maintenance of specified accounts and annual CAG audit, requires companies to identify and remit unclaimed amounts and to file Forms IEPF 1 and IEPF 2, establishes procedures for transfer of shares to an IEPF suspense account (including dematerialisation and duplicate certificate process), freezes voting rights on transferred shares, and sets out the online claim and refund process via Form IEPF 5 with company verification and Authority timelines.

Investor Education and Protection Fund provisions commence, activating Companies Act obligations and Fund administration from the appointed date.
The Central Government appointed 7th September, 2016 as the commencement date bringing into force the provisions governing the duty to transfer unclaimed dividends under section 124 and the provisions concerning the manner of administration of the Investor Education and Protection Fund together with related follow-on provisions in section 125, thereby activating the statutory obligations and administrative mechanisms for handling unclaimed dividends and Fund administration.