Eligible project recognition under Section 35AC extended for three years for tribal and backward class welfare programme.
The Central Government notified continuation of the "Tribal and backward class Welfare programme" by Bharat Sevashram Sangha as an eligible project under Section 35AC, following the National Committee's recommendation that the project is being executed properly; the extension is granted for three further financial years beginning 2015-16 without change to the approved project cost, pursuant to powers under the Act and rule 11M procedures.

Extension of Section 35AC designation: vocational training center remains eligible while CSR funds are excluded from the exemption.
The notification extends the designation of the Santosh Mahesh Bagroida Vocational Training Center as an eligible project under Section 35AC for a further three-year period without change to the approved cost, based on the National Committee's recommendation that the project is being properly executed, and clarifies that funds received under Schedule VII of Section 135 of the Companies Act and the Companies (CSR) Rules are excluded from the Section 35AC exemption.

Section 35AC exemption extended for Basavanagudi International Standard Swimming Pool project; CSR Schedule VII funds excluded.
Section 35AC exemption extended to the International Standard Swimming Pool project by Basavanagudi Aquatic Centre for a further three years commencing FY 2015 16 at the same approved cost of Rs. 2.67 crore following a National Committee recommendation; exemption does not apply to funds received under Schedule VII of the Companies Act and the Companies (CSR) Rules, 2014.

Section 35AC exemption extended for shorthand training project, with corporate CSR funds expressly excluded.
The project "Type, Shorthand training" run by Sarvodaya Vikas Samiti is notified as an eligible project under Section 35AC for a further three-year period commencing 2015-16 at the previously approved cost following the National Committee's recommendation; however, the exemption under Section 35AC does not apply to funds received under Schedule VII of the Companies Act and the Companies (CSR) Rules.

Section 35AC exemption extended for a specified charitable hospital project while excluding corporate social responsibility funds.
The Central Government re notifies the construction of an 80 bed general hospital at Talab Tillo Road, Jammu by BEE ENN Charitable Trust as an eligible project under Section 35AC for a further three year period commencing 2015 16 without change to the approved cost, following the National Committee's recommendation that the project is being executed properly. The notification clarifies that the Section 35AC exemption does not apply to funds received under Schedule VII of Section 135 of the Companies Act and the Companies (CSR) Rules, 2014.

Exemption under section 35AC extended for Noida Lok Manch projects; CSR funds excluded from exemption for a further period.
Notification extends the exemption under section 35AC of the Income tax Act to the Noida Lok Manch projects (Noida Public Library and three Sanskar Kendra Schools) for a further three year period beginning 2015-16, on the recommendation of the National Committee, with approved project costs unchanged. The exemption explicitly does not apply to funds received under corporate social responsibility obligations under the Companies Act and associated CSR rules.

Section 35AC eligibility extended for land and building project; CSR funds excluded from exemption under Companies Act
The Central Government extends designation of the "Land and Building project" by Om Creations Trust as an eligible project under the Explanation to Section 35AC for a further three-year period commencing 2015-16, on recommendation of the National Committee and without change to the approved project cost. The notification clarifies that the Section 35AC exemption does not apply to funds received under Schedule VII of Section 135 of the Companies Act and the Companies (CSR) Rules, 2014.

Tax exemption eligibility extended for a notified charitable school project, with CSR-sourced funds expressly excluded.
The project "Expansion & running of school ORPHAN student" by The Vanvasi Yuva Sangthan, Panchmahal, Gujarat, is specified as an eligible project for tax deduction for a further three-year period commencing with financial year 2015 16 through 2017 18 without change to the approved cost, and the exemption does not apply to funds received under the Companies Act corporate social responsibility framework.

Section 35AC project eligibility extended for a further period; exemption excludes funds under CSR Schedule VII.
Extension of eligibility under Section 35AC is granted for the project "Running of existing facilities" by Dutt Samajik Seva Trust at the same approved cost, based on the National Committee's recommendation under rule 11M; the exemption continues for qualifying expenditure but expressly excludes funds received under Schedule VII of Section 135 of the Companies Act and the Companies (CSR) Rules 2014.

Exemption under Section 35AC extended for Swayamkrushi's training and housing project; corporate CSR Schedule VII funds excluded.
The Central Government notifies Swayamkrushi's "Training Centre and Housing Facilities" as an eligible project for the income-tax exemption under Section 35AC for three years starting 2015-16 at the approved cost of Rs. 6.22 crore, following the National Committee's recommendation, and clarifies that the 35AC exemption does not apply to funds received under Schedule VII of the Companies Act and the Companies (CSR) Rules, 2014.

Tax exemption extension for Aravali Medical and Research Centre; funds under Schedule VII CSR framework excluded.
The Central Government notified a further three-year extension of tax-exempt status for Aravali Medical and Research Centre works by Aravali Vikas Mandal, preserving the approved project cost, pursuant to a National Committee recommendation under the Income-tax Rules. The exemption expressly excludes funds received under Schedule VII of the Companies Act and the Companies (CSR) Rules.

Deduction under Section 35AC limited by CSR funds exclusion, with the notified project's cost increased and eligibility extended.
Notification designates the Prabhakar Patil Education Society's Education Development Project as eligible under Section 35AC, extends eligibility for three financial years beginning 2015-16, and substitutes the previously specified maximum allowable project cost with an increased amount. The notification also provides that the Section 35AC exemption does not apply to funds received under Schedule VII of Section 135 of the Companies Act and the Companies (CSR) Rules.

Corrigendum to notification corrects the registered address of a named trust in a Ministry of Finance notice.
Corrigendum rectifies the registered address of 'Blind Persons' Association' in the prior Gazette notification S.O. 3455(E), directing that the address published earlier be read as the updated address; the correction is effected by Notification No. 2/2016 issued by the Department of Revenue.

Notification correction: date of Income Tax notification for Ayodhya Charitable Trust amended to 7th December 2015.
The Ministry of Finance (Department of Revenue) issues Corrigendum Notification No. 1/2016 (S.O. 1229(E)) dated 29th March 2016, correcting Government Notification S.O. 3442(E) in the Gazette so that the date originally shown as "17th March 2013" for Ayodhya Charitable Trust, Pune, is to be read as "7th December, 2015."

National Savings Certificates now carry five-year maturity with specified annual interest accruals and graduated encashment payouts.
The amendment sets a five-year maturity for certificates purchased on or after 1 April 2016, with annual interest accrued and interest for the first four years deemed reinvested and aggregated with face value. It specifies interest amounts per Rs.100 for each year and provides a graduated encashment payout table for encashments after three years, applying proportionately to other denominations and subject to discount adjustment.

Post Office monthly income account: 7.8% p.a. interest for deposits effective on/after April 1, 2016.
Inserts clause (m) into rule 8(1) of the Post Office (Monthly Income Account) Rules, 1987 to prescribe an interest rate of 7.8 per cent per annum for deposits made on or after 1 April 2016; the Amendment Rules, 2016 are deemed to have come into force on that date under the powers of section 15 of the Government Savings Banks Act, 1873.

Auditor's report requirements now mandate specific disclosures on assets, loans, statutory dues and compliance in company accounts.
The Order requires that every auditor's report under section 143 for applicable companies include the matters specified in paragraphs 3 and 4, covering asset records and verification, inventory verification, loans and recoverability, compliance with sections 185 and 186, deposit and RBI directives compliance, maintenance of cost records, statutory dues and disputes, defaults on borrowings, application of public issue and term loan funds, fraud reporting, managerial remuneration compliance, related party transactions, preferential allotments/private placements, non-cash director transactions, Nidhi company requirements, and registration under section 45-IA where applicable; unfavourable or qualified answers must state reasons.

Consultation requirement: Central Government may use an interim committee for auditor report matters until the permanent regulator is constituted.
The Order permits the Central Government, until the National Financial Reporting Authority is constituted, to meet the consultation requirement by consulting a Committee chaired by a Joint Secretary rank officer in the Ministry of Corporate Affairs, comprising representatives of the accounting profession and industry chambers and special invitees from the national advisory accounting body and the Comptroller and Auditor General, and is deemed effective from the date of the earlier auditor report Order.

Accounting standards consultation permitted with ICAI and National Advisory Committee pending constitution of NFRA authority
The Order inserts a proviso in section 133 permitting the Central Government to prescribe Accounting Standards or addenda as recommended by the Institute of Chartered Accountants of India, after consultation with and examination of recommendations from the National Advisory Committee on Accounting Standards, until the National Financial Reporting Authority is constituted; it is deemed effective from 1st April, 2015 and issued under section 470 to remove difficulties.

Buy-back offer period may be shortened where all members agree under the amended share capital rules.
The Companies (Share Capital and Debentures) Rules, 2014 are amended by inserting a proviso to rule 17 providing that where all members of a company agree, the offer for buy back may remain open for a period less than fifteen days; the amendment is effected under sub sections (1) and (2) of Section 469 of the Companies Act, 2013 and comes into force on publication in the Official Gazette.