Appointment of auditors: existing companies must meet auditor rotation compliance by first AGM within three year transition period.
The Order substitutes the third proviso to section 139(2) to require that every company existing on or before the commencement of the Act which must comply with the auditor rotation provisions shall do so within a period not later than the date of the first annual general meeting of the company held, within the period specified under section 96(1), after three years from the date of commencement of the Act.

Tariff value fixation prescribes declared import values for specified commodities, shaping customs valuation and benefit eligibility.
Fixation of tariff values by amendment to the principal customs notification substitutes three tables prescribing declared tariff values for identified imports. The tables set US dollar per metric tonne values for crude and refined edible oils, brass scrap, poppy seeds, and areca nuts, and unit values for gold and silver where specified notification benefits are availed, to be applied in customs valuation and related import administration.

Acceptance of Deposits rules updated: expanded exclusions, higher acceptance limits, mandatory credit rating and disclosure obligations.
The amendment expands exclusions and specific categories of receipts from being treated as deposits by adding listed non convertible debentures without asset charge, non interest bearing trust amounts, specified advances, chit subscriptions, SEBI regulated collective investment receipts, convertible notes to start ups, and investments by specified funds; raises certain acceptance thresholds and permits private companies to accept member monies subject to Registrar filing; mandates annual minimum investment grade credit ratings and filing for deposit taking companies; prescribes advertisement and website disclosure requirements; extends the deposit insurance proviso temporarily; and requires financial statement notes disclosing monies from directors.

Exchange rate amendment establishes new import and export conversion rates for Pound Sterling, effective immediately.
Amendment substitutes the Schedule I entry for Pound Sterling in Notification No.87/2016 CUSTOMS (N.T.), effective 30th June, 2016, prescribing distinct rates of exchange per unit for imported goods and for export goods, thereby replacing the earlier serial No.10 and its entries under the Customs Act authority.

Exports and imports to Iran permitted subject to UN Security Council and IAEA restrictions and Annex B conditions.
Para 2.18 of the Foreign Trade Policy is amended to permit direct or indirect export to Iran and import from Iran of items listed in specified IAEA and UN Security Council documents, subject to Annex B of UN Security Council Resolution 2231 and the IAEA lists as updated; the UN and IAEA websites host the authoritative texts.

Fair market value determination for offshore transfers guides apportionment of income to assets located in India and reporting obligations.
Rule 11UB sets out methods for computing the fair market value of assets of a foreign company or entity, distinguishing listed shares, unlisted shares, partnership interests and other assets, and prescribing merchant banker or accountant valuation, market-capitalisation formulas and treatment of liabilities; Rule 11UC provides an apportionment formula to determine income attributable to assets located in India by multiplying transferred-income (computed as if located in India) by the ratio of India-located asset fair market value to total asset fair market value; Rule 114DB requires Indian concerns to electronically furnish detailed information and supporting documents in Form 49D and retain records for eight years.

Registration exemption for first stage dealers and importers: mutual non requirement of dual registration simplifies excise compliance.
Specifies that registration as a First Stage Dealer and registration as an Importer are mutually non duplicative: a person registered in one capacity is not required to obtain the other registration, thereby removing the requirement for dual registration and simplifying central excise compliance obligations.

Commencement of Part I of Chapter XII: Finance Act 2016 provisions commence on 27 June 2016.
The Central Government, exercising powers conferred by section 219 of the Finance Act, 2016, appoints the 27th day of June, 2016 as the date on which the provisions of Part I of Chapter XII of the Finance Act, 2016 shall come into force by notification under the Ministry of Finance (Department of Economic Affairs).

Foreign Tax Credit: residents may offset foreign income taxes against Indian tax subject to documentation, limits, and conversion rules.
Residents may claim credit for foreign tax paid in the year the corresponding income is taxed in India, subject to prorated allocation where income is taxed over multiple years. Credit is limited to the lesser of Indian tax on that income and actual foreign tax paid (treaty-excess ignored), converted at the telegraphic transfer buying rate. Disputed foreign tax is excluded until final settlement with proof; specific documentary requirements including Form No.67 and supporting certificates must be furnished by the return due date.

Appointment of Assistant Value Added Tax Officers to assist the Commissioner under Delhi VAT Act provisions for administration.
Appointment of a cohort of officers as Assistant Value Added Tax Officers to assist the Commissioner of Value Added Tax under the Delhi Value Added Tax Act and the relevant rule, effective from each appointee's date of assumption of charge; the notification lists named officers with joining dates and formalizes their role in VAT administration.

Appointment of Assistant Commissioners-cum-VAT Officers under Delhi VAT Act to assist the Commissioner in administration and enforcement.
Appointment of officers as Assistant Commissioner-cum-VATO under the Delhi Value Added Tax Act, made pursuant to clause (a) of sub section (2) of section 66 read with rule 47 of the Delhi VAT Rules, to assist the Commissioner in administering the Act. The notification lists specified officers and records that each appointment is effective from the date of assumption of charge, issued by the Finance (Revenue I) Department in the name of the Lt. Governor.

Appointment of VAT enforcement officers: Special Vigilance Commissioner and Additional Commissioner appointed to assist VAT administration.
Appointment of officers to assist the Commissioner of Value Added Tax under the statutory appointment power read with the relevant rule; appointments to the posts of Special Vigilance Commissioner, Value Added Tax and Additional Commissioner, Value Added Tax take effect from the date of assumption of charge and are formalised by an administrative notification issued by the Finance (Revenue) Department.

Drawback rate increase for gold and silver jewellery excludes items with CENVAT or rebate claims; exporters must declare at export.
Amendment substitutes Chapter 71 tariff entries to increase specified drawback rates for gold and silver jewellery and parts, specifying rates tied to net metal content and purity, declares 'Others' entries Nil, and inserts paragraph (24A) excluding those drawback rates where goods availed CENVAT credit or rebate of duty under rule 18 or manufactured/exported under sub-rule (2) of rule 19 of the Central Excise Rules, 2002; exporters must make an appropriate declaration at the time of export.

Exchange Rate Notification updates foreign currency conversion for import and export to align customs valuation methods.
The Central Board of Excise and Customs, exercising powers under section 14 of the Customs Act, 1962, substitutes the serial No. 1 entry in SCHEDULE-II of Notification No. 87/2016-Cus (N.T.) to prescribe revised rupee equivalences for Japanese Yen for import and export, thereby altering the exchange rates applied for customs valuation and assessment.

Relaxation from higher TDS for non-resident without PAN where specified residence details and tax identifiers are furnished.
Certain non-resident natural persons (excluding companies) without PAN shall not be subject to the higher TDS rate if they furnish to the payer their name, e mail, contact number, foreign residence address, a certificate of residence where available, and their Tax Identification Number or a government issued unique identification number; Form 27Q is amended to add corresponding withholding codes and reporting fields and to require entry of "PAN NOT AVAILABLE" for such deductees.

Import prohibition on milk products from China extended until 23 June 2017 or until further orders.
Prohibition on import of milk and milk products from China is extended for one year by amending ITC (HS) Schedule I import policy; the ban covers milk and milk products, including chocolates, chocolate products, candies, confectionary and food preparations with milk or milk solids, and remains effective until 23 June 2017 or until further orders.

Exchange rate notification updates South African Rand conversion rates for import and export under Customs Act.
Amendment to the customs exchange rate schedule substitutes the entry for the South African Rand in Schedule I of Notification No.87/2016-Customs (N.T.), effecting revised per unit rupee equivalents for import and export valuation and administration under the authority of the Customs Act, 1962, effective from the date specified in the notification and applicable to customs assessments and declarations that rely on Schedule I rates.

Corrigendum to income tax notification corrects the placement reference to a specified provision within the notification text.
Corrigendum amends an earlier Income-tax notification by substituting the phrase "to section 115TC" with the direction to place the material "below section 115TCA", correcting the textual placement reference in line 5 of the original Gazette notification.

Tax recognition of Core Settlement Guarantee Fund as exempt under section 10(23EE) for assessment years going forward.
The Central Government notifies that the Core Settlement Guarantee Fund set up by National Securities Clearing Corporation Limited (NSCCL), Mumbai, is recognised for the purposes of clause (23EE) of section 10 of the Income-tax Act, 1961; the notification applies from the assessment year 2016-17 and for subsequent assessment years.

Tax exemption notification: Core Settlement Guarantee Fund recognised under Income-tax Act clause for specified assessment years.
Notification declares the Core Settlement Guarantee Fund, established by a recognised clearing corporation, as qualifying under the Income Tax exemption provision in clause (23EE) of section 10 for the 2016-17 assessment year and subsequent assessment years, thereby placing the Fund within the scope of the statutory exemption for clearing-related guarantee arrangements.