Business relationship restrictions limit auditor commercial dealings, but exclude permitted professional services and arm's-length ordinary-course transactions.
Rule 51A defines "business relationship" as any transaction entered into for a commercial purpose, except (i) commercial transactions that are professional services permitted to be rendered by an auditor or audit firm under the Income-tax Act and the Chartered Accountants Act and related rules or regulations, and (ii) commercial transactions in the ordinary course of the company's business at arm's length, such as sale of products or services to the auditor as a customer by businesses like telecommunications, airlines, hospitals and hotels.

Prohibition on import of milk and milk products from China extended for an additional year or until further orders.
Prohibition on import of milk and milk products from China, including chocolates, candies, confectionery and food preparations with milk solids, is extended by amendment to the import schedule under the Foreign Trade Policy for an additional year or until further orders, maintaining a continued ban on specified milk-based imports from China and requiring importer compliance with the amended import policy.

De-notification of SEZ area reduces notified zone after administrative approval and statutory compliance by central government.
The Central Government, exercising powers under the Special Economic Zones Act, 2005 and rule 8 of the Special Economic Zones Rules, 2006, de-notifies 6.173 hectares of the sector-specific SEZ for Information Technology and ITES at Village Kalwara and Nevta, on the Development Commissioner's recommendation and with the State Government's No Objection, thereby making the resultant notified SEZ area 150.283 hectares and specifying the survey numbers and areas removed.

Special Economic Zone expansion: addition to handicraft SEZ increases notified area under SEZ regulatory powers.
Central Government, exercising statutory notification powers under the Special Economic Zones regulatory framework, notifies inclusion of an additional area of 11.4477 hectares into the handicraft Special Economic Zone at Village Kalwara, Jaipur, following a proposal by M/s. Mahindra World City (Jaipur) Limited, making the revised total SEZ area 165.2116 hectares and listing the constituent survey numbers and hectare allocations.

Country Liquor duty amended to a fixed percentage of wholesale price under Delhi Excise rules, altering excise levy.
The Delhi Excise Rules are amended by substituting sub rule (2) of rule 152 to prescribe the duty on country liquor as a percentage of the wholesale price, creating the current regulatory basis for excise calculation on country liquor.

Appointment of Deputy Commissioner for Excise, Luxury, Entertainment and Betting Tax to assist statutory tax administration.
A PCS officer is appointed as Deputy Commissioner (Excise) under the Delhi Excise Act to perform functions conferred by that Act, and simultaneously appointed as Deputy Commissioner (Luxury Tax) and Deputy Commissioner (Entertainment and Betting Tax) under the respective Delhi Tax on Luxuries Act and Delhi Entertainment and Betting Tax Act to assist the Commissioner in discharging statutory functions; each appointment is effective from assumption of charge and remains until the officer holds the post.

Income tax amendment: Rule 12 requires certain individuals/HUFs to file ITR 2A; agricultural income threshold set at Rs.5,000.
The Income tax (8th Amendment) Rules, 2015 amend Rule 12 to (i) fix an agricultural income threshold of Rs. 5,000 in the proviso clauses of sub rule (1); (ii) insert clause (ba) requiring certain individuals and HUFs whose total income excludes business/profession and capital gains to file in Form ITR 2A and verify as indicated; (iii) revise sub rule (4) to confine filing modes to those set out in column (iv) of the Table in sub rule (3), excluding paper form; and (iv) update Appendix II to add Form ITR 2A. The changes are deemed effective from 1 April 2015.

Remuneration adjustment for experts clarified; incumbents receive equivalent increases and annual increments apply under revised schedule
Amendment adds a proviso to Regulation 6 requiring that when the Commission increases remuneration for categories of experts and professionals by amending Schedule III, the identical amount of increase shall also be applied to existing experts and professionals, including research associates; 'existing remuneration' means the lump sum monthly remuneration received by such incumbents, including increment(s) upon renewal of contract(s), if any, and substitutes Schedule III with a five level remuneration structure providing lump sum monthly pay and annual percentage increases.

Exchange rate determination: foreign currency conversion rates prescribed for import and export goods, updating prior notification.
Determination of conversion rates for specified foreign currencies into Indian rupees is prescribed with effect from 19th June, 2015, superseding the prior notification except for prior actions. The notification implements two annexed schedules: Schedule I sets per unit exchange rates with distinct columns for imported and export goods, and Schedule II sets rates per one hundred units for certain currencies, likewise distinguishing import and export rates, for use in customs conversion of foreign currency relating to imported and export goods.

Income tax exemption for regulatory commission applies to specified fund and fee income, subject to non commercial and filing conditions.
Income tax exemption under clause (46) of section 10 is granted to the West Bengal Electricity Regulatory Commission in respect of income from the fund maintained under its fund rules and income from fees collected under the State's fee rules, subject to a defined notification period and conditions that it shall not engage in commercial activity, that its activities and specified income remain unchanged during the period, and that it files income-tax returns as required.

Tax exemption notification for notified health society: specified government grants and related interest exempted subject to conditions.
Notification under clause (46) of section 10 designates the Punjab State AIDS Control Society as a notified body for exemption of specified income consisting of (a) grants-in-aid from the Government of India and (b) interest on those grants. The notification applies for the stated financial years and is effective only if the Society refrains from commercial activity, maintains unchanged activities and the nature of the specified income, and files returns as required by clause (g) of sub-section (4C) of section 139.

Designation of Special Court: a trial court assigned as the forum for enforcement under securities and depository laws.
Central Government notification designates a specific trial court in Mumbai as the Designated Court and as the Special Court for enforcement under the Securities and Exchange Board of India Act, the Securities Contracts (Regulation) Act, and the Depositories Act, exercising the statutory powers cited and thereby allocating jurisdiction for prosecution and adjudication under those statutes.

Essential narcotic drug rules clarified; licence possession limits set and permitted sales recipients expanded for manufacturers and medical institutions
The amendment creates an exception in rule 43 for cessation-of-manufacture notices when cessation is due to unforeseen circumstances beyond the licencee's control; limits a manufacturer's possession of essential narcotic drugs to quantities specified in the applicable licence while exempting Government Opium Factories from limits; and replaces rule 52F(1) to enumerate permitted recipients of essential narcotic drugs sold otherwise than on prescription, including licensed manufacturers, licenced dealers, licenced chemists, registered medical practitioners, Controller-authorised persons, and recognized medical institutions.

Courier export clearance for specified MEIS goods permits prescribed shipping documentation while retaining declaration limits for samples and gifts.
Courier export clearance is revised for specified goods under the Merchandise Exports from India Scheme (MEIS). Appendix 3C goods may be exported through designated airports within the prescribed consignment-value limit and where foreign exchange is involved, using the prescribed shipping bill or bill of export form. Courier Shipping Bill-II and Courier Bill of Export-II declarations are confined to bona fide commercial samples, prototypes, and personal-use gifts within the stated limits, provided the goods are not prohibited or restricted and no transfer of foreign exchange is involved.

Tax exemption for royalty and technical fees: income from defence aircraft retrofitting contract excluded from taxable income.
The Central Government declares that income arising to M/s Dassault Aviation S.A. by way of royalty or fees for technical services received pursuant to General Contract No. Air HQ/96102/2/ASR-DA for retrofitting fifty-one defence aircraft shall not be included in computing the total income of the said company under the Income-tax law.

Tax deduction approvals for approved institutions and eligible projects under Section 35AC for a three year period commencing 2015 16.
Notification designates 28 institutions and approves specified eligible projects and estimated costs for tax deduction purposes under Section 35AC, fixing the maximum deductible project cost per the Table and limiting the approval to three financial years commencing 2015 16 (2015 16, 2016 17 and 2017 18).

Customs tariff amendment revises HS headings and exclusions to redefine exemption scope for specified iron and steel scrap.
Amendment to Notification No. 12/2012 Customs substitutes the column (2) table entries for S. No. 330 and S. No. 334, redefining the specified Harmonized System headings and express exclusions that determine which iron and steel scrap and related headings are within the exemption scope, pursuant to section 25(1) of the Customs Act, 1962 in the public interest.

Tariff value fixation under Customs Act section 14(2) updates reference import values for specified commodities.
Exercise of power under section 14(2) of the Customs Act, 1962 to amend Notification No. 36/2001-Customs (N.T.) by substituting TABLE-1, TABLE-2 and TABLE-3 with updated tariff values. TABLE-1 lists revised tariff values per metric tonne for specified edible oils, agricultural products and brass scrap; TABLE-2 sets unit tariff values for specified precious metals under the referenced notification entries; TABLE-3 prescribes the tariff value per metric tonne for areca nuts. The amendment is issued by the Central Board of Excise & Customs and references earlier amendments.

Export ineligible categories updated: restricted, prohibited, sugar, milk and meat exports excluded from duty credit scrip entitlement.
The amendment excludes from duty credit scrip entitlement items restricted for export under Schedule 2 of the Export Policy in the ITC (HS) and items prohibited for export under Schedule 2, unless such items are specifically notified in Appendix 3B of the Appendices and Aayat Niryat Forms of the Foreign Trade Policy 2015-2020. It also specifically excludes sugar of all types, milk and milk products, and meat and meat products from entitlement unless expressly included in Appendix 3B.

Section 35AC project extension: notified eye care scheme extended for three additional financial years; certificate not available for lapsed year.
Notification extends the tax-exempt project "Quality Eye Care Centre with Blindness free zone in rural tribal area" executed by Ophthalmic Mission Trust for a further three years (financial years 2014-15 to 2016-17) without any change to the approved cost and corpus fund; extension follows the National Committee's recommendation, but no certificate under Section 35AC will be issued for the already lapsed financial year 2014-15.