Expenditure allocation for exempt income now aggregates direct costs plus a fixed percentage of average investment value, capped by claimed expenditure.
Expenditure related to income not forming part of total income is the aggregate of (i) expenditure directly relating to that income and (ii) an amount equal to a fixed percentage of the annual average of the monthly averages of the opening and closing balances of the value of investments yielding such income, provided the aggregate does not exceed the total expenditure claimed by the assessee.

Cost Inflation Index updated for the financial year, affecting indexed cost calculations under section 48 of income tax.
The Central Government, under clause (v) of the Explanation to section 48, inserts a new serial entry in the Table of the principal notification to add a Cost Inflation Index for the specified financial year, thereby prescribing the index figure to be used for computing indexed cost of acquisition for capital gains purposes.

Tax exemption for Uttar Pradesh State AIDS Control Society: grants and bank interest exempted subject to statutory compliance conditions.
Notification under section 10(46) notifies Uttar Pradesh State AIDS Control Society as exempt in respect of grants from the National AIDS Control Organisation and interest on bank deposits, effective for the period 1 June 2011-31 March 2013 and financial years 2013 14 through 2015 16, subject to conditions that the Society does not undertake commercial activity, maintains unchanged activities and specified income, and files returns as required by clause (g) of section 139(4C); grants must be received and applied per prevailing rules.

Tax exemption for pollution control board income: specified non commercial receipts exempted subject to activity, income stability and return filing conditions.
Notification designates Pollution Control Board, Assam as a notified body for exemption of specified receipts, listing consent fees, analysis fees, reimbursements from central monitoring programmes, authorisation fees, cess reimbursements and appeal fees, RTI fees, public hearing fees, interest on staff loans and on deposits, and miscellaneous receipts; and conditions that the Board shall not engage in commercial activity, its activities and specified income remain unchanged, and it shall file returns as prescribed for notified bodies.

Transfer of proceedings to National Company Law Tribunal - pending Company Law Board matters to be disposed under Companies Act.
The notification directs that all matters, proceedings, and cases pending before the Company Law Board shall stand transferred to the National Company Law Tribunal and be disposed of in accordance with the provisions of the Companies legislation, constituting a procedural reallocation of jurisdiction by the Central Government.

Constitution of tribunal benches establishes locations and territorial jurisdictions under the Companies Act via ministerial notification.
Central Government constitutes Benches of the National Company Law Tribunal by ministerial notification, specifying each Bench's title, location and the states or union territories over which it will exercise territorial jurisdiction, and the notification records subsequent omissions, insertions and substitutions made by later notifications that amend specific territorial allocations.

Commencement of Companies Act provisions: specified sections brought into force on the appointed date, 1 June 2016.
The Central Government, exercising powers under sub section (3) of section 1 of the Companies Act, 2013, appoints 1 June 2016 as the date on which a specified list of provisions-individual sub sections, provisos and several whole sections identified in the notification-shall come into force, including provisions on formation particulars, share and debenture rights, officers' duties, members' remedies, corporate governance, and specified insolvency and winding up sections, together with commencement of a provision amending references to the Tribunal.

Company law appellate tribunal constituted to hear appeals from the company law tribunal under the Companies Act, effective from June.
Constitution of a Company Law Appellate Tribunal under the Companies Act to hear appeals against orders of the Company Law Tribunal, effected by official notification fixing the appellate forum and its commencement date.

Constitution of National Company Law Tribunal establishes its authority to exercise Companies Act powers following government notification.
Central Government constitutes the National Company Law Tribunal under the Companies Act, 2013 to exercise and discharge the powers and functions conferred on it by that Act; the constitution is effected by government notification invoking the statutory commencement mechanism and specifying the Tribunal's effective commencement.

Foreign exchange derivative contracts permit resident persons to hedge permissible exposures and write standalone options subject to conditions.
A person resident in India may enter into a foreign exchange derivative contract, including for hedging risk exposure, in respect of a transaction permitted under the Foreign Exchange Management Act, 1999, and associated rules, regulations, directions or orders. Standalone options may be written against an underlying foreign exchange exposure, including cross-currency options not involving the rupee and foreign currency-rupee options, where the underlying transaction permits the sale or purchase of foreign currency. Such option contracts remain subject to conditions stipulated by the Reserve Bank.

Customs notification amendments expand exemption localities by adding Hosur and Nattakkam Village to specified notifications.
Amendments substitute locality references in multiple customs exemption notifications to add Hosur (Tamil Nadu) and Nattakkam Village (Kottayam Taluk and District) alongside Melapakkam Village and Tamil Nadu, and alter Table 2 entries by replacing "Hyderabad" with "Hosur (Tamil Nadu), Hyderabad" and expanding "Patli (Gurgaon)" to "Nattakkam Village (Kottayam Taluk and District), Patli (Gurgaon)" in the specified notifications and conditions.

Foreign currency accounts for Indian startups may receive export and overseas subsidiary sale proceeds, subject to repatriation requirements.
Indian startups and other notified entities with overseas subsidiaries may maintain foreign currency accounts outside India for foreign exchange earnings from their exports or sales and related overseas subsidiary receivables. Balances must be repatriated to India within the prescribed period for realisation of export proceeds. Eligible foreign exchange payments from exports or sales by startups and their overseas subsidiaries are permissible credits. Insurance and reinsurance companies may also maintain overseas foreign currency accounts for business-incidental expenditure and credit insurance or reinsurance premia received outside India.

Conversion of firm/LLP to company requires expanded documentary, stamp compliance, CA-certified accounts and registrar intimation.
The rules amend the Companies (Authorised to Register) Rules, 2014 to include firms in conversion proceedings, adding a definition of "firm" and expanding documentary and procedural requirements for conversion from LLPs or firms into companies. Mandatory attachments now include partnership deeds (including revisions), certificate of registration of the firm if any, an undertaking as to Indian Stamp Act compliance, a CA-certified statement of assets and liabilities dated within thirty days of filing, and the latest income tax return. The URC-1 form and consent, affidavit and publication requirements are correspondingly revised, and dissolution papers must be submitted to the authority where the entity was earlier registered.

Common Adjudicating Authority appointment reallocates adjudication of listed customs show cause notices to named officers.
The Central Board of Excise and Customs, under sections 4(1) and 5(1) of the Customs Act, appoints specified officers as Common Adjudicating Authorities to exercise the powers and duties of named adjudicating authorities for listed noticees and corresponding show cause notices, superseding prior orders/notifications identified in the Table and reallocating adjudicatory responsibility to the officers named for each entry.

Fixation of tariff values establishes notified customs valuation for specified imported commodities, including edible oils and metals.
The Central Board of Excise & Customs has substituted three tariff tables in the principal customs notification under section 14(2) of the Customs Act, 1962, prescribing tariff values for specified imported goods - including edible oils, brass scrap, poppy seeds, areca nuts and unit values for gold and silver where notification benefits are availed - to be used for customs assessment and valuation.

Time-limit extension for furnishing tax audit statements extends the prescribed filing period under income tax rules for taxpayers.
The amendment substitutes the shorter prescribed period with a longer one in sub rule (4A) of rule 31A of the Income tax Rules, 1962, thereby modifying the deadline for furnishing the specified statement; the change is enacted by the Income tax (13th Amendment) Rules, 2016 and brought into force by the notifying authority from the stated commencement date.

Indirect Tax Dispute Resolution enables settlement through declaration, payment reporting, and discharge order granting immunity.
The scheme requires a declarant to file a verified declaration in Form 1 with the designated authority, which must acknowledge receipt in Form 2; the declarant must pay specified amounts within prescribed timelines and report payment in Form 3, after which the designated authority issues a Form 4 order of discharge certifying full and final settlement and granting immunity, and the Commissioner (Appeals) removes the appeal from its list following notification.

Anti-dumping duty on Methyl Acetoacetate imports to address dumped imports causing material injury to domestic industry.
Imposition of definitive anti-dumping duty on Methyl Acetoacetate imports from the United States of America and the People's Republic of China is ordered under the Customs Tariff Act and anti-dumping rules, following findings of dumping, material injury and causation. The notification prescribes producer- and exporter-specific per-kilogram rates in US dollars and catch-all rates for other combinations, lists applicable tariff headings, and makes the duty effective for five years, payable in Indian currency with exchange rate determined by Government of India notifications and the bill of entry date.

Anti-dumping duty on Dichloromethane: targeted imports subject to specified per unit duties and duration conditions.
Definitive anti dumping duty imposed on Dichloromethane (tariff item 2903 12 00) from the People's Republic of China and Russia, with producer and exporter specific duty rates expressed per metric tonne in US dollars as set out in the notification table. The duty is levied from the date of the provisional imposition for a prescribed statutory period unless earlier revoked or amended, payable in Indian currency, with the conversion rate determined by notifications under section 14 of the Customs Act and the relevant date for exchange being the bill of entry presentation date.

Wind-down plan requirement mandates depositories to ensure transfer mechanisms for accounts and operations upon severe financial or operational failure.
Every depository must devise and maintain a wind-down plan per Board guidelines to enable transfer of beneficial owner accounts and operational powers to an alternative institution in events such as erosion of net worth, insolvency, or inability to provide critical depository operations or services.